When it comes to "Shall Not Be Named", AHS does fit the bill in multiple ways.
- With it being a megahouse, the various settings and characters in the multiple seasons can easily fill that.
- SeventyOne's initial reaction to it is "Wonder why they keep bothering?". That indicates this is something HHN has tried getting before but couldn't. They've tried to get AHS before, but ran into some creative differences with the showrunners. So for it to go through would be a big surprise. (Now you could say Scream fits that bill, however I don't think it fits as well as AHS in providing enough material for a megahouse. Also, it doesn't fit with the "Seven Wonders" hint, which AHS can with the Coven season.)
- With AHS still being ongoing, every year in HHN discussion people have been wondering/speculating if they'll do it. However due to the creative differences when the event attempted to, people have usually shot it down immediately. We felt it just wasn't going to happen for a regular house because chances are the showrunner wanted content from the show that HHN just wasn't going to feature, (Which probably led to the creative differences which caused it to be dropped.) and unless the showrunner budged, the only way this could happen is if AHS was a extreme house. An' when it comes to extreme houses, that's always been a can of worms in itself. It's been brought up, shot down, rinse, repeat til you're sick and tired of it.
AHS was on it's way to being on the level of "The Extreme House" and "Eddie's going to be the icon for this year!". Chances are it's not happening, we all know the answer and are tired of saying it...so it's best not bringing it up a la' Voldemort aka "He who Shall Not Be Named.".
That's my personal guess on it.