I’d imagine it might be technically possible but not practical. The weight required for ballistic parachute systems is substantial. On small aircraft (such as Cirrus and Icon) it reduces the useful load, and thus range/payload, substantially. Range and payload are very important aspects of commercial passenger aircraft.

Further, commercial passenger aircraft are already very safe due to system redundancy not practical on smaller aircraft. Would a ballistic parachute system help with many accidents in this category? I would be willing to bet not. Ballistic parachute systems are not a magic bullet - they require substantial altitude/time to deploy (as much as 900 feet in a spin, for example). Many substantial aviation accidents happen during takeoff and landing below or near these altitudes.

Would you pay a multiple of your current airfare for an extremely small (practical) reduction in travel risk?