Wouldnt that make sense for an easy replacement for the hydra? It has all that is needed to work as a controller. And there are already apps, that connect it to the pc in such a way, like air mouse.
Not sure what is needed to get it working as a hydra replacement, but maybe someone here has some smart ideas.
I ran some experiments with a Unity OSC plugin. There are some apps that stream all the sensor data or let you create your own button layouts.
It has some applications but the IMU sensors in the Iphone are definitely not good enough to replace a Hydra. They work well for simple applications and you can probably get decent results with proper sensor fusion. Drift was the biggest issue in my experiments.