Yes, apparently this is what Netflix is doing.

But the only real world impact is that the device that was used to stream that 4K content gets blacklisted at the hardware level.

To workaround this, piracy groups try to batch 4K rips because they know that the device will be burned soon after they upload the content. They then acquire another device, and the game of whack-a-mole continues.

There are some interesting discussions in this HN thread: https://news.ycombinator.com/item?id=46803451