Sure and actually that is where mobile OSes are moving.
We now have bitcode on iDevices, DEX on Android and MSIL/MDIL on WinRT.
Still, both iDevices and Windows Store take, what I consider the best approach, to do AOT on the store for each supported target.
As Google found out, using AOT on the device doesn't scale. I just don't get why they went back to an overly complicated architecture of Interpreter/JIT/PGO → AOT, instead of following the same path as the competition and serve freshly baked AOT binaries.