This is called the VOICe, though it looks like they might be using a custom version of the idea.  You can already get apps to do this on Android and iOS, but you'll notice they never took off.
Thing is, this requires a lot of training, and it's usually just quicker to perform whatever everyday task you're trying to do with touch.  Not to mention that using it for navigation is going to block out the external audio channels, you know, things like cars coming right toward you.  Some people have had some success using it for navigation, but it requires *both* ears, so I have no idea how they can do stuff like safely cross the street (and can't actually think of an example of such-they all seem to be demos of "safe" environments like a garden).  It's an interesting neuroscience finding though.

I just told you, it already has.  Go get the VOICe Vision app for your iPhone or Android.  But seriously, you can't do this safely for actual navigation in real world environments, you're getting no more than 2 or 3 updates of what's around you per second, and you will need literally days of continual training to do even basic stuff with it.  This has been very seriously tried by the VOICe people.  It never took off, with good reason.
The camera sees further, but you're getting a resolution of something like 100x100 at most funneled through a sub-par channel for visual data and only after significant practice.  That means that you don't end up actually seeing too much further anyway.  The cane and actually paying attention to your surroundings is going to give you a lot more data that will actually keep you safe, though such tools may be interesting for aesthetic purposes.
This has also been seriously tried by me.  In the simple environment of a computer screen optimized for it, i.e. color scheme changes, etc. you get almost nothing.  I have tried it on TV shows, I have tried the app for my phone around my own house, etc.  I know exactly what you're thinking because I used to think along the same lines: look at that, a possible replacement for my lack of vision.  But it isn't, even if it is interesting and has some very limited applications.
As for hearing sounds in 3D, yeah.  You can.  But it doesn't make them better than your ears.  It's just the same as your ears.  Both from a perceptual and laws-of-physics standpoint, you are saying the following: I, as a person who must rely primarily on verbal directions, sound, and paying attention to my environment, hereby want to walk around with someone overlaying that environment with a loud sound that represents it as it was a minimum of half a second ago.  You will get so, so much more out of developing cane skills.  I mean, with a cane, you can reasonably be expected to carry on a conversation; and a loud lawn mower doesn't disable you because now you can't hear your aid anymore.