I am sure some other configuration of a semi flexible drive shaft could be engineered :

.... But if it is for reason of mass or weight savings ? don't see the why ?
What comes to mind right off the bat is how a 2/3/4 blade prop causes loading then un-loading wind up or torque on a drive cable/shaft.
Most if not all composites while having SUPER HIGH structural strength are limited to a maximum point were they finally yield to the stress and fracture.
With the high pulsing rotational torque of a prop beating the water, it would seem to me that you have very little control over just how much stress is applied, and when a maximum is reached, catastrophic failure is ensured.
Flex cables because of design absorb the torque loading by winding up the strands of the wound cabling, Vibration caused by the pounding blades is absorbed into the struture of the cable because being strands of wire, will not really harmonize like a solid or hollow drive shaft does.
** I absolutely agree however that a semi rigid small diameter drive shaft of some sort could have far less rotational drag than a cable does while offering an installation free of a stuffing tube.
Another thing one must address is how to connect the engine to this drive without having engine vibration and motor mount flex adding to the fatigue. Along with connection to a prop shaft, or have it part of the assembly ?
:-\ At some point tho, one must weight out gains by frictional loses with reliability and simplicity .... and find a happy medium that does both at low cost.
Yup, flex cables are as K.I.S.S. at it gets ( Keep It Simple Stupid )
JMHO,
Scott