For the most part, applications tend to punt the job of interpreting such text address representations to the IP stack (usually embedded in the OS kernel). These vary in what they'll accept by implementation and version, but they tend to be extremely good at interpreting whatever arbitrary nonsense people have historically been likely to try. As a result, there are surprisingly few application-level libraries which even attempt to deal with that mess.
Except ASCII is 7-bit, and a number of those are control characters. So you couldn’t, and many that you could would be unreadable. <DEL><NUL><NUL><SOH> for localhost is... not ideal.
There's no place like <DEL><NUL><NUL><SOH>
edit ^H is also swallowed by the line editor of course.