I feel torn on this. On the one hand, Fallout's lore is developed enough to sustain a TV adaptation and would make for some interesting stories depending on what factions they choose to focus on. You could easily make a decent TV show based on the conflict between the NCR and Legion alone. On the other hand, Fallout's always stood out to me for its freedom of choice, which is reflected in its protagonists. A while back, someone asked about what backstories players gave their NV characters and how that influenced the way they play. The protagonists aren't so much characters as much as they are lumps of clay that the player can shape into whatever they want, which makes Fallout a uniquely individual experience. That isn't something you can easily emulate into a TV show where the protagonists have to be well-defined characters of their own.
Either way, it'd be an interesting experiment to see how they translate a role-playing video game that's capable of creating individual experiences into an inherently more restrictive form of media.