With Bluetooth, it's precisely what all notebooks I can remember do. With WiFi, especially connected via PCIe, I wouldn't rule out problems. But please keep in mind that at least in the early days WiFi cards most often came as PCMCIA/PCcard/CardBus, so I'd guess the infrastructure started out PnP compatible from the start...
The reality is that the chip/firmware/driver combination is tested by turning the power on once and then making it pass a few benchmarks that reviewers like. Doing something new and exciting may or may not work.
Certainly, some drivers are way better than others (ath9k is pretty good), but I imagine they tested the power up/power down method, noted that the kernel panics 1 time in 10, and decided nobody would buy their product if they implemented it that way.