I’ve been working on a project [1] to do just that from within a Chrome extension. The idea was that as an extension, it could make use of the context menu and feel more like a native feature of the browser. I’m always hesitant to link to my things from comments but in this case I think it’s a perfect fit for what you’re describing.

[1] https://smudge.ai

I suspect Google is afraid of getting sued by more publishers :/

The linked post links to another blog which is about this.

The Arc browser I use has that feature on hover.