Hmmm...so let's say the server, S, knows a TOTP seed, and that seed is shared with Alice and Bob via Shamir's secret sharing method.
To use TOTP then Alice and Bob have to contribute their shares to something, that something has to combine the shares to recover the key, and then generate the TOTP code for the current time, which it sends to S (or sends back to Alice and/or Bob who sends it to the server?), which knows the seed and generates the code for the current time, and checks to see if they match.
The question then is what handles the share combining? You'd need some sort of intermediate party that just receives shares and computes the TOTP code for sending to the server (directly or indirectly). Alice and Bob have to trust that this party will not keep the shares or keep the recovered code because then the entity could generate the TOTP code at will in the future without Alice or Bob's input.
It would probably make more sense to just have the server keep separate TOTP seeds for Alice and Bob, and authorizing requires Alice and Bob to both send their separate TOTP codes to the server.
Where things like secret sharing shine is when you have a secret that that S is not suppose to know persistently. For example, we use it at work for a database with sensitive data. The data is encrypted, with the key in non-paged RAM. When the server starts, a couple shareholders enter their shares, which reconstructs the key. If someone were to steal the server itself they would not get the key.