The command org-ctrl-c-minus
(bound to C-c -
by default) turns a region of lines into a list. You need to mark the lines you want to change first, but it works with the headlines in your example as well.
Here's a defun you might use to mark the subtree and then change it to a list:
(defun org-subtree-make-list ()
(interactive)
(org-mark-subtree)
(org-ctrl-c-minus))