Bladerunner: Revelations used a similar technique to bake down large CGI worlds with expensive lighting into something that ran on a Pixel 1 at VR specs.

Its honestly really very hard to work with this stuff because you ultimately need to be able to meshes inside these scenes triangle seas and you need to do it in a way that plausibly fits in the world. You can't have unlit characters walking around a baked lit scene and have them fit in. That's just from a visual design perspective.

You also always want to have bounce light from your dynamic things onto the baked scene and depending on the tech, you might not even be able to spatially place a dynamic thing and have it properly occlude what splats it needs to occlude.

As is, its a niche technology for games. That might change one day.

https://github.com/googlevr/seurat https://www.youtube.com/watch?v=Pf5Q3bvXj8E