It would've been if the N64 cart had enough room to store the FMV's so that they could advertise the game using nothing but FMV's like the Playstation era is famous for.
It could have been done, it just would have been VERY expensive. The N64 carts couldn't hold as much as a CD even in the best of times, but they were able to include some FMV stuff in the RE game, IIRC. The thing about carts is you can pack more memory in them to expand their capability, which is something CDs simply cannot do. So you can get 128mb carts and maybe even 256mb carts, which isn't as much as a CD but probably suitable for most purposes and would allow FMV.... but it would also make the carts much more expensive.
Nowadays we have flash memory that is capable of greater storage than even Blu-ray discs, and for not much more in cost. So I believe very strongly that optical formats are on the way out, and that's probably even true when it comes to movies and music as well. CDs and DVDs aren't in danger of becoming extinct anytime immediately, but they will fade away and Blu-ray won't be the format that replaces them because it will fade away too. I predict eventually movies and music will be sold on SD cards, or something similar. The "compact disc" really isn't compact at all by today's standards, but SD cards are. The electronics of today as as tiny as they can possibly be, so in order to have removable media you need to use cards because an optical drive will just bloat up the size greatly.