Well, paramotors are actually a bit less prone to mid-air collisions (aside from showing off, wing tip bumping etc.), because they're usually brightly colored, the pilots have perfect visibility, they fly slow and usually pretty low (lower than most airplanes).
When flying even a modest GA aircraft VFR, there isn't much time to react if you've been looking down at foreflight/instruments for 30 seconds while heading straight towards a paramotor which has no ADS-B out. This says even more for IFR craft that move much faster.
Technically? Yeah, someone could probably make a small device that incorporates all the necessary gadgets (would need to read the FARs) and then broadcast a signal.
Honestly, even if someone just scraped together GPS and a transmitter with a color changing LED (eg: red=fault, green=transmitting) and then worked with the FAA to set aside a squawk code for these devices, they would improve safety for everyone in the sky while also creating a product that would likely become a standard for several decades, if not more.
I didn't know they were a thing before watching this. Amazing.