I just saw this thread, and the funny thing is I have been thinks the same thing. In fact, I just picked up a hair conditioner that is primarily coconut oil. It also has a few other ingredients, all similar to what I see included in beard oils/balms.

My Beard Journey:  http://jefffsbeardboard.yuku.com/topic/25137/Finally-I-have-a-Beard
Beard and Bald Thread:  http://jefffsbeardboard.yuku.com/topic/27831/Beard-bald-head-shaved-head-or-buzzcut
Patchy Beard Success Stories:  http://jefffsbeardboard.yuku.com/topic/33742/Patchy-Beard-success-stories-Before-and-After-photos#.ViujbH7nuM8
Taming the Wild Mustache:  http://jefffsbeardboard.yuku.com/topic/30822/Taming-the-Wild-Stache#.Vj_Mh7erTIU
  
Last Edited By: Slybeard Feb 27 16 5:36 PM. Edited 1 times.