Reason number 1: The menu screenshot shows 7 skills that fit in the magic section (alteration, destruction, conjuration, illusion, restoration, enchant, alchemy (although it's possible this could fit in perhaps a smaller 4th subset along with smithing and, say, speechcraft or something that fits outside the original three)) and there are only 18 skills.
2: Magic in previous ES games was a bit overpowered IMO and many skills could be made redundant by a few magic skills but not the other way around.
3: It would not be that hard to combine many stealth and some combat skills. Blocking could be part of your weapon skills, speechcraft and mercantile could be combined, as could athletics and acrobatics and sneak and security. Armour skills are debatably unnecessary.
So I'm not sure how I feel about this yet, but do you think this could be possible?