Probably. I think also that the video embed code that they use at JREF is not part of vBulletin, but is some sort of add-on (note: I know almost nothing about this stuff, but that is the impression I get).
There’s also a culture on this board of simplicity, and many if not most posters feel that pictures and videos interfere with readability. There is, after all, no reason that you can’t simply follow a link to a picture or video.
The ability to post pictures would take the SDMB one big step closer to a ‘typical’ internet message board so I would agree that it’s not a good idea.
However it’s the reason I am a member of other boards. It’s quite entertaining to be able to scroll through a thread of pictures with the mouse wheel without having to click every time (and possibly lose track of your browser windows)