That has been done many times. Products like Racermate Wind Load Simulator in the 1970ies, more recently the CycleOps Wind or the Lemond Revolution. In fact, all "trainer" devices where a regular bike is attached for indoor use are still colloquially called "turbos", in fierce defiance of Elon Musk's sudden love for semantic precision.

They all suffered the same fate: when the hundreds of watts a well-trained athlete will produce during interval training is put into air movement, the noise is just unbearable. Much quieter setups are possible with more direct conversion to heat and even there, noise is still the dominant product metric.