Could Google take on Ultra Violet?

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This past Christmas i got a few movies as gifts. On them i often see "Ultra Violet redeem code inside". I have now in my collection about 10 movies on my Ultraviolet account. This requires me to watch it through a less than ideal player or through the Flixster app in the Google Play Store. The Flixster app for a while wasn't even letting me to get to the movies already in my collection but in a recent update was fixed.

I want to know, What stops Google from taking on Ultra Violet with their combination of Google Play Movies and YouTube? Use a redeeming code much like the current UV ones but for Google Play, Then simply watch from what ever device i would like via YouTube or the Google Movies app.

I'm not saying this has to replace ultra violet as an option, but i would definitely like the ability to add my movie collection to my already robust Google account.