Dolby Axon had something similar-ish:

You and others on voice chat were in a 'virtual' room and the sound was stereo/volume adjusted accordingly.

I remember that when people misbehaved on group voice chat we used to "put them in the corner"

It didn't map to the game environment but the execution was pretty nice; I fear that, if you use the game's physics, you'll quickly realize why radio-comm became such a thing