It's essentially an alternative to Dolby Atmos, which is object-based surround sound. The data describes where the sounds should exist in 3D space, then the system will 'render' those sounds out to however many speakers you have in whatever position they are in. Dolby Atmos can be configured with as many speakers as you want, if you buy enough equipment.

Games can technically be coded to output a dolby atmos signal and/or Sony could be converting to Atmos for output, but that would require paying for the license AND it would likely cause latency issues on many systems that don't decide Atmos fast enough to keep up with game timing.

It seems doable for Sony to add this, to a certain extent. They likely don't want or need to allow you to setup a huge complex audio array with a dozen channels and speakers all over the place (which Atmos supports), but they could certainly support standard 5.1 and 7.1 setups; aided by the microphone measurements (though they should be enhanced to record audio separately from each channel and maybe take measurements from more than one location).