It has merchandised in the past with some success.

Back when TSR was sold out from under Gygax's clutch, Lorraine Williams tried some similar marketing, there was a beach towel with Dungeons and Dragons' red dragon in this design:

Only as I recall it, the lettering and dragon were pink. I have never seen it posted online, and I didn't buy one*. I don't know that many sold.

*Of course there was this whole Satanic Panic back then, and why would anyone want to advertise they played D&D at a pool where likely everyone would have given you a bunch of crap for playing "the Devil's game"?

After seeing Forbes write about D&D on multiple occasions, years of RPGs in video games, 50 years of RPGs being in society, a successful movie, and absurdity of the 80s situation gone, it could work now.