There was a lot of work on big light-field capturing rigs in the past, but honestly, with the current advancements in neural radiance fields, gaussian splatting, meshing and other scene reconstruction techniques even monocular capture can generate pretty amazing results. I'm sure that having ultra-high res binocular video could be converted into some pretty high quality free-look output (that can at least be played back in real-time) on high-powered mobile devices could be possible today (w/ just some additional optimization/engineering work).
Recent research examples:
* https://vidu4d-dgs.github.io/
* https://fudan-zvg.github.io/4d-gaussian-splatting/
* https://guanjunwu.github.io/4dgs/
* https://aoliao12138.github.io/VideoRF/