Oh absolutely, my cousin coached hockey in Ames before moving back to Minnesota to coach. Iowa State actually had a contingency plan to start a D1 program which includes expanding the Ames rink(the university is joint owners) with a practice rink, expand the locker rooms and capacity.
Of course, this was back in the late 2010s, so things have changed, but JP told my fraternity buddy who was president of the club baseball team at the time that Hockey was more likely to be added over Baseball.
Iowa State is closer to the hotbed of Minnesota hockey talent (which produces the most NHL American talent) than many of the other Minnesota D1 teams and surrounding states. IIRC Iowa State club hockey currently has the most final fours in club hockey right now. Penn State and Lindenwood have jumped from club to D1 in the last 10 years and at least Penn State became a top 25 program instantly. I think ISU would see similar success to Penn St. However, again I don't think it is worth the cost.