However the secret signing key will have to reside inside the camera in a way that a determined attacker cannot extract it. Sounds hard.
So you could still fake videos, but any accusation of tampering could be verified by checking the seal is intact. (of course you need non-forgeable seals too, but that's comparatively easier)
A simpler detection mechanism would be to use stereoscopic (or rather real depth detection) cameras though.
Assume the secure element is in fact secure, the issue then, as with any public/private key scheme, lies with establishing trust of the keypair. Do you trust the manufacturer that he will not be breached?
And more pressing even; How do you prevent someone modifying their internal camera video stream such that they may send any data to the authentication chip/mechanism?
And if all this is implemented, it can be done even more low level - just direct the camera e.g. to your screen (I assume solutions would then crop up to increase the fidelity of such a solution).
I am not saying such a solution would not provide ANY benefits, I am just pointing out that these issues prevent it from becoming a silver bullet.
Less about the algorithms, but more about designing applications of cryptographic primitives?