Oh, definitely. One of my favorite games as a kid was SimAnt, and I often hoped to see an improved game based on the same concept.
I think it should place more emphasis on grand strategy and resource management (you should "be" the colony, not a single ant). While SimAnt gave you some control over the colony's actions, the majority of the colony's behavior was automatic and the emphasis was placed on running around and using your superior knowledge to lead other ants to food and into battle, which isn't really how ants work.
It always felt rather cheaty that you could view the whole map, so the 'colony knowledge' system should be a major aspect of the game.
Some things you could have control over could be: aggression/defensive behaviors, percentage of ants foraging, digging, nursing percentage of different castes produced, triggering the mating flight, triggering invasions of rival colonies, and general activity level vs storing energy.
Basing the game off of a sci-fi species could help with overlooking some of the more handwavey bits, but avoid making the species telepathic, as this will make the game not much different from any other strategy game out there. Personally I'd like it to be based on ants, but maybe take bits from different species (slave driver, honeypot, leafcutter, aphid farming, etc.)