Not that I could do it (because I really, really can't), but considering folks have access to Icon and thus power animations and graphics, it would be completely possible to make something with MUGEN.
To be honest, it's baffling to me that MUGEN is still the "go to" program for people to make fighting games. RPGs have several awesome programs to make quality stuff, as do shooters and platformers. Fighting games, however, have very few options when it comes to importing their own stuff.