This is happening right now, but in small MMOs, usually with 128 or 256 maximum players online. Most common in heavily modded Minecraft servers, but also in many other games. There are also some roleplaying focused servers in games like GTA5 or Rust, which generally reset much more quickly.

Also see this game, ECO: https://store.steampowered.com/app/382310/Eco/

listen to first 10 minutes of this podcast: https://podtail.com/en/podcast/brad-will-made-a-tech-pod/79-...