Well if someone wants to do it, be my guest. I just don't see a reason why you'd want to as smartphones are very common and a lot easier to use for videos. Also even if someone makes a 3DS video player, it won't look as good as on a smartphone.
Seems like a lot of work for a small pay off.
Kinda broken logic if you ask me. There's plenty of other devices to say...load Linux onto as well, yet we have Linux on the 3ds. Also that's under the (incorrect) presumption that everyone has a smartphone. To this day, I still know some people that swar by flip phones.