They've been around for years. see attached for one 50 years ago.
I have been using a 3pt 'arch' for 35+ years on the 3pt with logging tongs, and now use my iMatch top hook and toss the logging tongs on there. Easy to drop the ballast box, and throw on the tongs, and I'm set to go.
I don't like the boom idea, as my iMatch gets a log up enough so the weight is on the tractor wheels, and a boom would just mean a log could be raised higher, but to no additional advantage. Dis-advantage would be that the front end would need more weight to compensate for the boom length.