Air Force One is too symbolic to be awarded to Airbus, the recent award of the Marine One contract to AugustaWestland (an Anglo-Italian company) notwithstanding. EADs/Airbus is French and the German, in addition to British and Spaniard, so it would be a much more of a bitter pill to swallow.
Two practical concerns also come up. The first being that while the VH-71 is being assembled here, the A380 would almost certainly be manufactured overseas. There are a whole host of problems associated with that, first and foremost being security. The second is that the A380 is probably too big and heavy. Major international airports that expect to service the A380 have been or are being modified to take the aircraft. While many of these mods have to do with terminals, which would not affect Air Force One, it also includes mods to make sure there is runway clearance for the aircraft and strengthening. While this might not be an issue at many location she goes, Air Force One often goes to more unusual locales and it would limit where she might go, probably unacceptable for political considerations.
Finally, it is probably the most second most recognizable symbol of the Presidency behind the White House. I don't think that it would be politically acceptable to anyone in Congress or the White House to have the President's aircraft be a 'French' plane.
