I remember as a kid messing around with early desktop-computer photogrammetry software: the kind where you have to print-out some black+white marker circles and place them around some trinket you want to capture in 3D.
..it worked, but the output *.3ds files were low-resolution and the textures only looked good from one direction - and the material's lighting was way off.
So the concept is nothing new, but it's never as simple as taking even a bunch of photos, let alone 1 photo - there's so much information necessary for future renders that cannot be captured from photos alone.