Already done! This actually works pretty well when two conditions are true 1. cost becomes an engineering-org wide pain point 2. there are a bunch of low hanging fruit (another way to say you're just starting off your cost improvement journey)

Since cost is not really a "deliverable" for non-platform teams, this incentive doesnt go far. Especially after a few iterations of this are done, saving 1K is hard.

We did a short program(similar to a bug bash) for a couple of sprints to dig up all the improvements we can do to reduce to cost. This was early in our cost reduction journey. This did help us get a huge list of what we can do and we picked the most impactful items from this.