Ben Weider spent years and years trying to get bodybuilding into the olympics. In the 1980s, the Weider mags were full of breathless hope that they were on the road. For example, there was a massive fuss when bodybuilding got included in the Asian Games, which was recognised by the IOC! - that sort of thing. It was never going to come to anything.
I think the general perception would be that bodybuilders don't do anything. Certainly, they work to achieve a particular appearance, but then all they do is display it. Every other sport is primarily about movement: even the ones that are marked on aesthetics, like synchronised swimming. Movement is at the heart of it, not the appearance of the individual. So even though posing is hard work, it's not seen as an athletic competition.
In my view, it's got about as much chance of getting into the olympics as an eating competition.
230 strict press @ 220; bodyweight+187 X 4 dips @ 180; 403 front squat @ 210; 10 000 push-ups.
Ignoring irrelevant credentials since I was 17.