I don't think it's economically viable and I'm not a gamer, but I would love to see a good kiting game and would definitely buy one. The movements of kiteboarding are definitely possible to imitate with the Wii-type controllers and footpad thingie to edge the board.
Growing up on a bicycle, I thought how cool it would be to have a BMX Flatland game, and sure enough, it was included in Mat Hoffman's BMX 2 game. The controls were very similar to the"Tony Hawk" games, and there were quite a few flatland combos you could do, and of course all the street, bowl, rails, and ramp riding you could handle.
I'd say that video games really help spark creativity and push action sports to new levels. The impossible tricks and combos you can do on the games, are now being done on the streets and skateparks today.