Namecoin is one of the forgotten technologies that failed to latch onto bitcoin's success. A revival would need to be something really innovative but likely wouldn't come from ICANN. They might have hinted that they wouldn't interfere but such an org couldn't get involved with the promotion of a single crypto.
ICANN is an organization that decides whether you can use a particular domain, and of course they are ultimately forced to cede to the wishes of more powerful organizations, like governments, in various matters.
Namecoin is a process that allows any individual to use any available domain within its realm, without asking permission and without worrying about whether a government will seize their domain if they speak offensively regarding the interests of people who profit from a specific government.
'Reviving' seems like it should only need making .bit domains completely useable as .com .net .org etc. When I type a .bit address into my browser nothing happens. It appends 'www' automatically then says 'server not found'. It would be necessary to visit icann with a suitcase full of cash and some lawyers, and convince them to 'normalize' the .bit extension I guess. If it ever happens that .bit registered through Namecoin is accessible to everybody without having to load a blockchain or even know what Namecoin is, the way you can use a .org without knowing what icann is, Namecoin will be significant. It will change politics in many countries and more.
I'm not sure is cooperating with ICANN would be that compatible with cryptocurrenty ethics. The fact that namecoin is a peer to peer currency promotes decentralization while ICANN is an organization that centrally manages procedures behind domain approvals. I don't know how namecoin would benefit from making .bit a tld.