I think that office hours was one of the most beneficial parts of my academic college experience. I think the same practice could add a lot of value in corp America. But, I wanted to see if anyone's company already encourages this and how it plays out in the work environment.
Describe office hours some more. If you mean managers sitting around with a defined period of time for someone to walk in, no it doesn't happen that way. They can't afford to block off that much time in case someone comes in.
What the company I work at has instead are 1:1s with your manager. Weekly, biweekly, or monthly usually, depending where you are at career wise, and they're usually for 30-60 minutes. You go over more in depth what you're working on, roadblocks, career development, etc.
Theoretically you can hold a 1:1 with anyone in the company, and they're supposed to accept if the request is reasonable.
Both my previous and current managers have an open door policy. If they're free you can walk in and ask them anything, just be mindful of their time.