Depends by what you mean.
is it possible to map a room in real time just using cameras? yes. There are loads of SLAM and other reconstruction systems out there.
Is it possible to do all that an link it accurately to a position on a "world" map? not yet (not without the use of the cloud.)
Is it possible to share a map built on a phone so two phones have the same frame of reference? kinda, but its not practical using just phone hardware
(Using a visual positioning service its possible to get an accurate starting position and let the onboard SLAM figure out the rest. That way you can have each phone tracking the key points it sees and when a VPS update comes in, adjusting the local SLAM map to match.)