You mean, something like the simulation in
SpaceCorps XXX, but that would also reflect to the guest games and not be just simulation ? Or do you mean something like in [too many games] where you can have small encounters with characters from an other game, but with those encounters being more than a tribute to a game/dev ?
Well, in fact whatever the answer the answer is the same: Too complicated.
It would need the devs to not only team up for a scene or two, but for the universe building. One can't define a characteristic of the universe without firstly ensuring that it will not collide, or worse conflict, with what all the other devs have planed.
And it goes like that for any small detail in the said universe. Politicians are morally stuck up ? Well, the game that feature an opened incestuous relationship will be totally out of place, because all in all politics reflect the thought of the majority. One MC fight against a Mega Corpo that secretly control, or want to control, the world ? Well, it will not works with the game where everyone live in an utopian universe. And so on, every author taking part in that project would have to tweak his story for it to fit in the common universe.
But in the end, don't we already have that ? Don't half the games take place in the same universe, the one we actually live in, but in an alternate version where guys are all lusting for their mother and sisters ?