It already exists, long since. But it's only available on SIP 'phones. Loop-disconnect signalling doesn't have the protocol for sending the data.
But on a SIP call the SBC can do what is known as a CNAM lookup when a call comes in, and fill in the initial INVITE with 15 characters of looked up information about the caller. There are various people/companies providing/selling CNAM lookup service.
If your 'phone company has switched over your landline to digital, this information (assuming that TPC's equipment is indeed doing the requisite CNAM lookups, which it possibly still isn't for residential subscribers) is now getting as far as a plastic box in your house and being thrown away there; because whilst it is now VoIP to that plastic box, there's no protocol for sending names from that plastic box over the RJ11/BT connectors and 2 wires to your 'phone. Caller ID is sent over that very last leg using DTMF.