there is nothing stopping this

Well, once upon a time there was nothing stopping this. Now EA doesn't have the license to use anything (names of schools, logos, stadiums, etc.) and would need to renegotiate all of that before they could make any kind of game.

I never really played the games after the point where they started looking like actual people and not just slightly blocky generic people with names like "Clemson QB #3" so it always surprised me they went in the direction of using actual likenesses. Seems easier to just have some people out there looking like default faces from a Bethesda character editor and have it just be "[current year] NCAA" because it has current-year rules and conferences and playoffs and all that.