In the data dictionary for a file you could create I-descriptors, which were computed columns much like this feature allows. The difference is that I-descriptors were always calculated on the fly and they could do a LOT more than PostgreSQL's generated columns.
These were commonly used to accomplish things that SQL would use a JOIN to do, mainly because the query language didn't have joins. An INVOICES file, for example, would have fields like CUSTOMER.NAME, CUSTOMER.ADDRESS, etc, (note that the '.' is just another character in the field name, it doesn't actually mean anything to the database) which would pull the relevant information from the customer file or call a subroutine to find the relevant information (e.g., in a history file).
The results of the I-descriptor don't have to be stable - they can be calculated based on the current date/time, random numbers, data in other files, etc. This leads to some interesting possibilities that I don't think PostgreSQL's implementation can touch. It also leads to some interesting gotchas.
I don't have a good reference handy for UniVerse's I-descriptors, but the System Description document[1] has a section on it.
It had a certain elegance that I miss in modern SQL databases. On the flip side, modern SQL databases are so much more powerful.
[0] https://www.rocketsoftware.com/products/rocket-universe-0/ro...
[1] https://docs.rocketsoftware.com/nxt/gateway.dll/RKBnew20%2Fu...