There is nothing stopping me doing it. I have already developed a proof of concept / working example.
The problem is that the Octatrack is so limited from a Midi point of view; that you would only be able to modify the normal parameters (i.e. not the Setup parameters) of the current Part of the current Bank.
So given the limited amount of control and flexibility, it is hardly worth the development time and effort to bring to market.
And in doing so, I would have to support multiple platforms (OSX and Windows), multiple plug-ins (Standalone, AU and VST) and multiple hosts (Ableton, Cubase, Logic, Reaper etc.)
Given what I know the limitations are of the hardware, what are cats going to want to pay for that Standalone/AU/VST ?
Take those potential sales, then think about the time/effort for all the development, testing and support.
I dare say I’d be lucky to pay my rent with the above exercise.