HAM radio locator grid does pretty much the same thing, with I would say roughly the same precision.

example: http://k7fry.com/grid/?qth=JN17EB67UN

I only knew of the 6-character location code, which is typically used when identifying yourself, but it seems there's the expanded version of up to 10 characters.

What I don't understand is the usage scenario. Plus codes are not human-friendly like street addresses, so I'm assuming they're meant for machine processing. But there you have all these other systems like HAM location codes or MGRS, that I don't see added value.