Interesting idea. It probably hasn't been considered much because of the availability of flaked maize. Popcorn has had the water and oil inside the kernel superheated to about 350F and 135psi (as per wikipedia) until it the kernel gives and it explodes. During this, the starch inside is gelatinized (like flaked) and then then expanded with the pressure release.
So to be honest, in theory it sounds like it may work. Make sure you have enough diastic power to convert the corn's starches and give it a try. I mean technically you could just use corn starch in a mash as well.