This kinda exists in hardware in mid-size microcontrollers, and is called the Memory Protection Unity:

Here's an example:

https://developer.arm.com/documentation/ddi0439/b/Memory-Pro...

More complex designs tend to go for a full-blown MMU, and I wonder if the presence of such a feature would be warranted when you could go for either full-blown process isolation (which afaik is not that expensive on modern CPUs), or just go with static and dynamic checks (basically and if statement that checks if the address is valid, which can be optimized away like 90% of the time, when iterating through known arrays etc.)