now a days.. its not a question of "is it possible".. of course its very possible. The real question is, is it profitable. Honestly, surfing may be more main stream now a days, but its still no where near the popularity needed to make a video game... a good video game.. Transworld surf for xbox was kinda sweet, but I dont think they made ANY money off of it.. The demands just not there.
And frankly, unless you surf, surfing video games are boring as ****. Most people I've seen trying to play Transworld surf just didn't understand the dynamics of surfing and how to gain speed and do maneuvers and couldn't enjoy the game.