Would be awesome, but SNK really dropped the ball with Neo Geo X. Would you trust them with producing AES carts again when they couldn't even do that right. Granted, it wasn't them that did it but still.
I think there's less that could go wrong in reproducing cartridges than doing a complete new hardware project that aims to emulate their old console. Whereas the NGX required hardware and software design (loyally screwed up by Tommo Inc.), cartridges have already been made, are far less complex, and I doubt it would be very difficult to reproduce them. How else would bootleggers have made their carts? Also, they might be able to contract someone more capable to do this. Remember, Tommo thinks they can revive Bubsy. Yes, Bubsy. And Tommo seemed to have no experience in hardware production, so they probably had barely any clue what they were even going into.
Making new PCBs based around the schematics SNK probably still has (or can obtain, though I think they don't even really need them), or at least modifying them to work with the ICs readily available nowadays (just in case some ICs used in the old Neo Geo carts aren't produced anymore), having them assembled and having new cases made (they might still have plastic molds for the carts, or they can produce new ones), seems far less complex than the design behind the NGX and seems less likely to be screwed up. Unless they contract a dodgy company to produce the carts and have them do an absolute shit job in assembling them and in quality control, of course, although after the NGX ordeal I'd expect SNK to be a bit more careful with that. Again, there's still Chinese companies producing MVS carts such as multi-carts for the Neo Geo. If they can do this, so can SNK, and they can do it better provided they hire the right guys.
I think it would be more of a financial dilemma rather than a hardware one. Lower demand = higher price, and higher price = less sales. I'd applaud them if they tried it in small scale first, but I wouldn't be surprised if they steer clear from that stuff after the NGX fiasco and now solely focus on software. The NG market is probably not very large, although most NG fans are willing to pay a bit more (so it seems to this newb, feel free to scold me and correct me if I'm wrong), so I wouldn't deem it impossible, just unlikely.
EDIT: I realize I haven't gone into software at all, mostly because I'm not too familiar with the homebrew scene of NG (yet), and don't know if SNK still has employees that have the knowledge of programming for the NG. Else they would have to outsource it to homebrew programmers, and that might be tricky to orchestrate. But again, I'm not too familiar with this.