It would be fucking AMAZING... I'd be stoked to see T. Rice, Nico, Gigi and J. Jones up there competing for Olympic medals... sadly the Olympic committee isn't likely to ever do it because those comps (when done right) require a lot of great snow and a lot of great terrain, which is sorely lacking from many Winter Olympics venues. Hell, Sochi is still being built and having to truck snow in, and in the Vancouver Olympics, they were hurting for snow too.
The Supernatural contests definitely provide their fill of entertainment though, so there's no need for the Olympics.
I see your point. However the whole snow problem I don't know how much of an issue it could be. They could just fly out into the backcountry to a place that they had scouted early before the event. Blow it to make it safe and then ride.
I don't really consider the supernatural event a freeride event. I would call it a hybrid of the two. Too much of the judging was based on tricks instead of going huge.