Yep but you'd know which dereference it was if you unrolled it. Nulls happen unfortunately even with the best checking and intents.
I'm suggesting it's feasible but not necessarily perfect and when it does go boom, which it does when you have 100 million HTTP hits a day, you need to be able to find out precisely where it went wrong. LINQ makes that damn hard:
NullReferenceException
Company.Product.Assembly.Namespace.Type.Method() +14
...