In the mods I've seen there were clipping issues on steep hills and such, but they were easily avoided.
It wouldn't be too hard to set restrictions on where it can be placed as well, I think. It'd be a simple matter to code a check for inclination and obstructions, unless there's something I don't know (which is quite possible, I'm not very knowledgeable about this sort of thing).
But it's definitely doable.
EDIT: Yeah, it just places the item where you're looking, dropping it until it hits a collision box. There were scripts to prevent it from being deployed in water, but there were clipping problems in some places, as I mentioned.
Not just bedrolls as well; the one I use in Morrowind has a tent, tables, fires, guar-hide screens, pots and trifolds, etc.
It's quite easy for the devs to add check for collisions, then you summon monsters they don't spawns inside trees or rocks, much the same for gradients but this is extremely hard for moders who don't have direct access to the engine.
And a hardcoe mode with sleeping is stupid without sleeping bags.