Not sure how that would be better. Now you'd get condom spray all over the place.

And I think some guys would be reluctant to spray anything directly at it.

Yes this is something you learn not to do by accidental deodorant spray :) ouch!

A big problem with sprays is that they are cold.

Chemistry can create heat.

In addition to the other issues brought up, there's the problem of pubic hair getting stuck in the film reducing it's effectiveness and making removal painful.

Make it soluble in a complementary gel.