I think so. From the few videos I've seen of Google Glass so far, I've seen the potential for people to capture everyday drama and invade privacy in ways that reality TV hasn't.
Whilst people have had access to cameras in mobile phones for a while now, I think Glass technology will allow people to capture "moments" in their life and share it in a way that will directly compete with reality TV.
For example, here's a video of a guy proposing to his girlfriend whilst wearing Google Glass:
I think reality TV shows will either have to incorporate similar technology, else they will struggle to compete with the "genuine" reality broadcasting that device like this will allow.