Considering that OS 9-capable Macs can boot OS 9 from USB*, I doubt there's anything in the hardware or firmware prohibiting it. It appears to me that the OS X bootloader simply hasn't been written to support USB. Frankly, someone outside Apple could probably do it, since at that point, it's still entirely Darwin, for which the code is available.
tooki
*As with FireWire booting, USB booting works only on AGP Macs.