What kind of scale of equipment are we talking about here.
On an earth-mover, it's quite likely that there will be enough space to do what you describe and I think at least some of them already use gear-reduction at the hubs. On a small car, that area has a lot of other stuff competing for space (brakes, wheel bearings, hub, suspension attachment points, CV joints in the case of independent suspension, etc).
It seems redundant to put a gear-change mechanism inside the hub. #1, space, weight, etc. #2, anything you do in this manner would have to be doubled (one on each side) compared to doing the same gear-change mechanism in front of the differential (in which case you only need one, and it can be integrated into the transaxle).