The blocking all light approach also allows you to hide other potential weaknesses of a device. For example, a lower field of view is much more distracting in a pass-through AR device as you still have your full peripheral vision. VR devices will generally black out the light outside of the FOV making it easier to ignore.
I mean... theoretically you can if you can match photon for photon with the inverse phase. Difficult, I know :)
1. Field of view is limited to existing optics miniaturization
2. Subtractive shading (rendering black) might not be solvable
3. Variable focus objects in the same scene requires projecting n>2 significantly different wavefronts - not solved how to do this with a single vibrating element
For example, close one eye and hold the tip of a pen about an inch in front the other and you'll see that it doesn't actually block any of the world.
Moore's law works great for semiconductors, but Maxwell doesn't negotiate ;)