I worked for a company what supplied UHMWPE parts to the railroad industry, including designing & engineering some of those very parts. I can see several issues, although lubricity is not one of them - UHMWPE is very slick stuff.
IMO the biggest issue is how you would make it. UHMWPE doesn't flow well enough when liquid to injection mold it. You could post-process already molded sheets of the material (Quadrant sold 4'x8' sheets, just like plywood) but that may compromise the other material properties. Price out a compression mold big enough to make a skid plate and let me know how many hundreds of thousands of dollars it would be (hint: many). Not to mention the processing time required to get it fully cured with little porosity, you might be able to mold two skid plates a day.
Another issue worth mentioning is that while it is truly amazing, excellent stuff for wear resistance, it doesn't have a high fracture toughness - you'll never wear through it but a sharp nick could set it up to violently crack. Consider what happens to the normal skid plate - you hit small stuff fairly frequently which make longitudinal scratches & scars in the plate, and eventually hit something big. The scratches already in the plate could be a large enough stress riser to cause it to neatly crack in two if subjected to an impact load, such as K5ING's trophy.
Also when subjected to a compression load, it creeps and cold flows over time, so the areas captivated by fasteners would eventually squash right through and the plate itself could sag in the middle.
UHMWPE is an excellent material for wear resistance in a compression loaded, preferably captivated environment, but for a skid plate it's hard to beat steel or aluminum.