In the field of router buffer management, there are algorithms like Stochastic Fair Blue, which does the latter, but is somewhat hard to apply to HTTP because you’d have to define a success/failure metric for each request (a latency target, for example), and clients would have to tolerate a small probability a request being rejected even when they’re not being rate limited.
In Google’s paper on the Zanzibar authorization system, they give brief mention to rate limiting clients based on a CPU time allocation, but don’t go into any detail since it’s not a paper on rate limiting.
It’s something that matters less today with ubiquitous autoscaling, where the capacity of the system is whatever you need it to be to give each user what they ask for up to their rate limit, but I’m surprised at my inability to find any detailed account of such a thing being attempted.