In order to build this, Coda has to keep the state transition function as lightweight as possible. The overhead would be prohibitive with today's techniques if your state transition were to include executing smart contracts.
However, this is useful tech for making sidechains. In fact, the property of being able to carry the proof for the weight of the chain in a single SNARK is primarily useful for sidechains, less so for a primary chain.
So I can absolutely see a Coda-like sidechain to Tezos.