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Technically it absolutely could. But in reality it absolutely won't.

Why is that?

Because Microsoft doesn't make any money by you buying PC games on Steam and playing it on their Xbox One hardware which they most likely sold to you at a loss so they could get you buying games from them.

Microsoft and Sony want to be the sole game distributors on their own platforms and they don't want to give the user the opportunity to possibly get their games from a different source, such as the PC.

If they do implement something like this, it will only work on specific games bought in the Windows 8 App store or something similar, where Microsoft can control the experience and the profits.

So yeah, cool tech that's easily doable but won't happen if you ask me.