A unified media player application could work better from a usability standpoint.
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That's a bit like saying, "Make France, Germany, the UK, Spain, Italy, and Switzerland into a single country." :)
You don't just merge apps together; the only actual way to do this is to choose one app to be the winner and somehow get all of the developers of the other apps to abandon their apps and work on the "winner" app, then rewrite all the missing features from other apps in the "winner" app. This is the kind of thing you can do in a top-down corporation that's internally run like a dictatorship, but you can't really do this in a volunteer FOSS community.
Additionally, the proposal cannot be implemented as requested because these are different kinds of apps. Elisa, JuK, and Amarok share the same niche, but Dragon Player is a general-purpose video player and Kaffeine is a specialized app for TV playback. These can't really all be jammed into one app without creating a monster with an awkward UI.
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Far worse really. If you want an all in one solution, there's already VLC.
However it's near impossible to provide a good solution for each of the different use cases that wouldn't horribly compromise the experience for each of those in some way. Just look at Windows media player.
Each of these projects was started with different goals, to appeal to different audiences. e.g. For some, the likes of Elisa, a clean lined, well thought out and beautiful music player exist as an anecdote to the mess of Amarok, while some other people LOVE Amarok.