I doubt most games have graphics hidden, almost all games I checked they are either right there or just zipped.
How many games have you checked?
I've downloaded several arbitrary apk's of popular games written in as3 and all of them have graphics protected.
For example Disney's "Swampy Crocodile: where's my water?", has graphics in .waltex format. I'm pretty sure it's normal png files because it has xml description which contains original paths with .png extensions, but winhex shows no headers of these files, so I'm pretty sure they were encrypted somehow, probably with hurlant library.
Anyways, since I had't found any built-in solution, I've modified starling's AssetManager and added my own extension recognition to it. So now, if it finds a file with this extension, it feed its bytes to a decrypt() method prior to loading them, and decrypts the files using predefined AES key. I think it would be good if staling had a built in solution for this