Reminds me of the Amazon Fire phone which featured similar tech prominently. "Dynamic perspective".

https://www.youtube.com/watch?v=6trOg2IK2Zg

Tangentially involved in that project.

One of the big issues with that phone was that in order to do dynamic perspective, you're having to run a 3D render at 60fps constantly. That's a huge power hog, and prevents you from doing many of the power savings techniques you otherwise could on a normal phone -- shutting down the GPU, reduced refresh rate, heck, even RAM backed displays.