Well...it's been done, to an extent. Basketball had it done by Action Packed in 1993 and 1995, although neither set was comprehensive, by any means. (The second set was only 38 cards!) Panini apparently also did a set based on the HOF members, but I haven't gotten any as it was issued during my time away from basketball.
Press Pass has issued sets for the NASCAR Hall of Fame as inserts every year since the Hall's been around, which is only 2010. There were also promos issued for the International Motorsports Hall of Fame, but it's not a comprehensive set and, being issued in 1992, is more than 20 years out of date anyway.
This is something lacking in the hobby, that's for sure.
VERY slow trading due to health problems. Not transferrable so safe to trade with, just moving is painful and can't always access the cards.
Cardboard History My COMC
New Collection Website: Cardboard History Gallery (Still under construction)
Tips on how to make your scans look like the card does in hand (No more washed out, fuzzy scans!):