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Isn't that already a thing? IIRC you can configure your Mac to unlock if your Watch is in close proximity, so it should be possible to do the opposite when it goes out of range.

Probably something the Shortcuts app could do, I couldn't find a Watch specific entry when creating one though. So it's just lock/unlock for now.

I seem to remember Windows 10 has a similar feature. You can pair your phone with it, and it supposedly locks automatically when the phone goes away. I've never seen it work, though...

macOS Monterey added a "Erase All Content and Settings" feature that works like the iOS versions by deleting the encryption key, although as a result the feature only works on T2 and M1 Macs which encrypt the data at rest even without FileVault.

It wouldn't surprise me if Apple imports more emergency wipe features into macOS from iOS.