I'm sure YC has been asked to participate in this kind of thing and they've declined. After watching this show, it's clear that they showed good judgment.
I do think there's room to do a quality documentary on YC or TechStars, but the dramatic reality show format is inherently crap.
This wouldn't work in the YC environment since people don't actually work at YC's offices. The startups just meet every Tuesday for a group dinner then outside of that will only appear at the YC office if they have office hours booked with one of the partners.
I think that YC would be better for something about Startups and less about drama and entertainment. I always liked the importance of space that YC has, and that people don't work in an incubator environment. I would think you could make a quality documentary that doesn't have that reality show flare.
I agree that a documentary would be cool, but I'd be hesitant to say that it would need to be produced under the guise of a network or other professional organization. If anything, I'd love to see a glued together collection of videos from the founders, pg, and the rest of the team (sort of like pg's post not too long ago of pictures of the early days of YC). It doesn't have to be produced to be entertaining and the story wouldn't need to be written (it would simply be the YC companies going through the experience).
I do think there's room to do a quality documentary on YC or TechStars, but the dramatic reality show format is inherently crap.