The thing is that I am sure that there are lots of physical products based on more-or-less re-imaging an existing physical product or perhaps taking a clever combination of existing products.
But the thing, I suspect that when these things succeed, they succeed based on marketing rather than their inherent superiority - the name "Snuggie" mmm! This isn't an negative on these things are business plans... But I (and suspect that a lot of hackers) have two reactions to them:
1) I'm a hacker not a marketer, I might think of an idea like a Snuggie but to succeed, the key ingredient isn't such an idea but the soft-focus infomercial, something I'm not particularly adept at.
2) I do want to revolutionize the world, not just sell another Snuggie. By now, I realize this isn't the most common way folks make money in business (Snuggies are) but it keeps the innovator happy, something that perhaps shouldn't be overlooked.