Sure, it could be... the real key is to write code that doesn't need it to prevent blocking, though. Generally speaking, code that uses WITH (NOLOCK) everywhere is to cover the blocking problems associated with slow code or long winded transactions. It would be much better if they fixed those problems.
Even with the use of WITH (NOLOCK) everywhere, you will not prevent deadlocks caused by bad code and it will not cause Inserts, Updates, or Deletes to run any faster or with fewer blocks... only Selects. Inserts, Updates, and Deletes will always lock rows (or more) to do their job correctly.