Nope and to be honest I don't think any fighting arts should be in the Olympics, martial arts is an art of self defense and improvement, discipline, war and killing.
It's not for bagged down competition or for global entertainment besides when it comes to these kinds of arts you have to put the kids gloves on so to speak and tone it down for these kinds of things restrict a lot and overall degrade the art itself and does not allow it to function in it's entirety. Also these arts are quite dangerous for the reasons I stated above and when you put limits on what you can do with that specific art then you degrade it as a whole and aren't able to fully utilize it all.
I don't know how you would set it up. Personally I'd love both mma and muay thai in the Olympics. But those two sports the potential for fucking both fighters up in the first fight is so high that it'd be difficult to have a fighter fight a tournament at the same level. Only way it could work is if they wore wrestlers shoes, mma gloves and modified headgear that would guard from punches but not prevent the choke. That way the freak injuries are minimized and you can fight more than once a week.
As it stands ufc fighters are put on automatic 30 day suspension to avoid any problems after a fight win or lose. There's a reason for that. If they can account for all of the possible mishaps and setup a tournament setting that is safe enough for it to be insured, then I don't see why they couldn't do that. I just don't know how they would do it.
No reason why not but there's competition for places at the Olympics from other Sports, Taekondo being one. Karate was given a shot to be an Olympic sport but the different Karate federations couldn't get their act together so they blew it and won't likely get another shot again.
No, I don't think it should be now because it doesn't have a large enough global following/number of practitioners. However, I do think it would be great to watch in the Olympics. I think you are more likely to see MMA in the Olympics than Muay Thai, though.
I hear they are working on getting wrestling removed completly. Which is dumb in my opinion And where I live they stopped airing boxing on tv which pisses me off And judo idt I've ever seen on tv either So no idt they would add it. Because nowa days its all about money :(