You can do this today with OpenTrack: https://github.com/opentrack/opentrack

Also, TrackIR is just an IR webcam, IR leds, and a hat with reflectors. You can DIY the exact same setup easily with OpenTrack, but OpenTrack also has a neural net webcam-only tracker which is, AFAIK, pretty much state of the art. At any rate it works incredibly robustly.

Actually I have already used it to implement the same idea as the post, with the added feature of anaglyph (red/blue) glasses 3D. The way I did it, I put an entire lightfield into a texture and rendered it with a shader. Then I just piped the output of OpenTrack directly into the shader and Robert, c'est votre proverbial oncle. The latency isn't quite up to VR standard (the old term for this is "fishtank VR"), but it's still quite convincing if you don't move your head too fast.