An event hub is already used under the hood but sure, it can be done. However, there are subtle differences according to the docs.
The main differences when it comes to Device to Cloud messaging:
IoT hub
protocols: Supports MQTT, MQTT over WebSockets, AMQP, AMQP over WebSockets, and HTTPS. Additionally, IoT Hub works with the Azure IoT protocol gateway, a customizable protocol gateway implementation to support custom protocols.
Device SDKs: Provides device SDKs for a large variety of platforms and languages, in addition to direct MQTT, AMQP, and HTTPS APIs.
Event Hub
protocols: Supports AMQP, AMQP over WebSockets, and HTTPS.
Device SDKs: Is supported on .NET, Java, and C, in addition to AMQP and HTTPS send interfaces.
Then there is the differences in security mechanisms and message routing (see the docs) so if using the Event Hub needs your requirements i'd say give it a go.
Summary (from docs)
In summary, even if the only use case is device-to-cloud telemetry ingress, IoT Hub provides a service that is designed for IoT device connectivity. It continues to expand the value propositions for these scenarios with IoT-specific features. Event Hubs is designed for event ingress at a massive scale, both in the context of inter-datacenter and intra-datacenter scenarios.
It is not uncommon to use both IoT Hub and Event Hubs in the same solution. IoT Hub handles the device-to-cloud communication, and Event Hubs handles later-stage event ingress into real-time processing engines.