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.
You forget that MS make money by you buying Windows 8.1. Anything that get people to buy Windows 8.1 MS will support. If MS get you to buy Windows 8.1 then they can get you on their Windows Store. Once they get you on the windows store then they can get you into their eco system. Also do not forget that MS has their own games for Windows which they would love for you to also use. Games supporting games for windows having Miracast also benefit MS.
This sounds very appealing and logical but all I know is that I have a Surface, windows phone and Xbox and in order to play Skulls of the Shogun on all 3 platforms, I have to buy the game 3 times. Only then can I enjoy cross platform play and even play against users on other platforms.
This is something Microsoft could have totally rubbed in Apples and Googles face (buy 1 game, own on 3 different platforms), however they have no interest in doing that it seems. They really should have offered a discount at least if you want all 3 versions of the same game. 9.99 per game or 19.99 for right to play on all 3 platforms.
Games for Windows brand is dead btw...They have an Xbox Games section in the Windows 8 app store and I can see them doing some synergy with that on the Xbox.