Sure, but you can ignore extra attributes in JSON or hypothetical XML-without-namespacing too. I feel like there's an excluded middle here: either the content of a given tag has to be, say, SVG, in which case the validation schema for the outer document could just say (in a structured way) "the content of this tag must be a valid SVG document according to the SVG schema", or the content is some opaque arbitrary XML document, in which case there's no meaningful validation to be done.
Even when working with something like XHTML-with-embedded-SVG, I found myself wishing there was a way to strip the namespaces, run my xpath queries / xslt transformations on the stripped version, and then put the namespaces back; I think I'd've got my actual business tasks done a lot quicker that way.