Peter Giuliano from Counter Culture was in town last week and we discussed this very subject! And not just for espresso machines, but why not an air-powered grinder? OK, they probably would not generate enough torque, but still, air-powered tools are much smaller and less expensive than those driven by electric motors.
Abe reported on a prototype pneumatic espresso machine in 2005:
The Air Pump Driven Espresso Machine. I believe it was demonstrated at an SCAA conference using a converted Reneka Techno; I don't recall hearing anything beyond the buzz is generated after the show. Maybe the newfound interest driven by the mypressi TWIST will reawaken the design (?).