Not in a multiplayer. Because then it would just become the new rage quit and would be just as correctly attacked.
But in a single player in certain games I can see the appeal of this. Like in Left 4 Dead, you're holed up in a small confined room with a hundred zombies beating on the door, your teammates dead and a tank crashing through the building, you take one last look out at the night sky, close your eyes and put your pistol to your head...
In games like Left 4 Dead, which rely very much on player made experiences for their immersion, something like would really add something. The difference between being the last man who bravely tries to soldier on to the next safe house, despite it being useless, or the accepting of his fate survivor who knows they would never make it, so they choose to go out quickly and easily without being eaten.
Though I can only really see it working in Left 4 Dead. possibly we would need to create a whole new game to go with this feature, but I do think it could work in a purely story context.