Yes, that's perfectly possible, of course. Companies hate such ideas because they can have legal standing under certain circumstances and in certain legislations, or at least have a potential to create some problems.

You could also print out EULAs and ToS, modify them as you think is reasonable, and send the modified version back by snail mail as a contract suggestion with a short note stating that you find the original version unacceptable for various reasons and have made these suggestions for alterations. If enough people would do that - a few thousand might suffice - many currently ridiculous and frivolous EULAs would probably be changed very soon.