I wouldn't expect any problems from the light oil used in CO2 cartridges for airguns and similar tools. I've never experienced or heard of it causing problems with neoprene or rubber seals, clogging up air nozzles or hardening and leaving any film or residue.
But it would require a special device to use on bike tires and would be bulky compared with threaded cartridges and minimalist chucks. And would probably require a couple of standard size CO2 cartridges for some tires.
It could be useful for folks who already use larger saddle bags and mostly need CO2 due to disabilities, arthritis or limited hand/arm strength. When my shoulder was broken last year (hit by a car) it was about two months before I could use a manual pump, and I just didn't ride outdoors during that time. I used an indoor trainer and had to use only my one good arm with a floor pump.