Definitely, checkout their example on how to host git on ipfs[0]
[0] http://gateway.ipfs.io/ipfs/QmTkzDwWqPbnAh5YiV5VwcTLnGdwSNsN...
[0] http://gateway.ipfs.io/ipfs/QmTkzDwWqPbnAh5YiV5VwcTLnGdwSNsN...
Decentralized git pull for only a given hash isn't all that interesting?
If one could pull in updates and/or push changes -- that would be "decentralized git". This is example is more "ipfs.io as a transport for git-releases", rather than "ipfs.io as a transport for git"?