I wish we had this in the operating system. It would solve an immense number of risks such as data deletion from bugs and even ransomware.
App developers will often choose not to sandbox their applications because it's a lot easier (and sometimes faster) do to all file management yourself, but the APIs are there and ready to be used.
I was thinking about desktop OS's, actually.
You don't need to use that Windows API. You can just access any file you want. There is no reason a music player, for example, needs to access ~/Pictures. An arbitrary program requiring access to all your files is a huge red flag, but it's a red flag that users aren't allowed to see. Proper filesystem permissions would fix that.