The RPi Pico is based on the RP2040-Microcontroller, which is a Cortex-M0+. While its the biggest M0 I know of (lots of RAM, Flash, MHz) its still a very limited design, most notably: it has no FPU.
The most lightweight option AtomVM offers is a STM32F4 which is a Cortex-M4 with FPU.
Maybe they can go smaller? But M0 - doubtful!? If its possible this would be indeed a great opportunity and I’m sure the AtomVM-team will take it.
see here for a comparison (Table “ARM Cortex-M instruction variations”)
You should have a look at https://www.grisp.org/ if you are interested in BEAM on smaller platforms.