There was a 2007 short feature flick Tkaronto, which was hailed as the aboriginal version of Reality Bites. And, the latest offering I can think of is the APTN television series about casino skulduggery called Cashing In.
We have yet to have our coming-of-age Boyz in the Hood, Spike-Lee-style film hit the mainstream. And we have yet to discover our own Spike Lee, although there are quite a few candidates out there.
Maybe it's because, like Slumdog Millionaire, we need an outside non-aboriginal person to produce it. Maybe that's part of the problem.
We'll have our version Rezdog Millionaire. I'd stand in line to see that one, too.
In short, there's no reason a movie like this couldn't expose Native culture to a mainstream audience. It's simply a matter of putting together the right team of talent: writer, director, producer, actors, et al.
For more on the subject, see The Best Indian Movies.
Below: A movie about the other Indians.