The PCMCIA bus is just too slow to be effective for video cards. Although it is supposed to be the equivalent of the PCI bus (32-bit @ 33MHz) for CardBus and ISA for the older PCMCIA 16-bit standard, it just doesn't seem to really perform.
Another problem is that PCMCIA/CardBus is not initialised until after the Operating System loads, and drivers are loaded. No good for video, since it needs to be persistent. Other requirements such as hot pluggability would also make it inappropriate.
There IS a video standard for PCMCIA/CardBus though, called Zoomed Video, or ZV. You can find out more about it
here, although I have never seen any ZV cards.