I certainly understand the scale of manufacture and the market size considerations. I read a White paper regarding a possible data rate of 4Mbits/s but this was using a higher frequency.
https://ieeexplore.ieee.org/document/4519345
If that becomes a standard then this may be possible. As for heat concerns if the surface area was a modest size then you could in theory use the body as a heat sink. Naturally the device cannot emit more than a small amount of heat by design.