Canada has some national parks that do something like this. Lake O'Hara's booking system this year is a random queue:
> In lieu of a random draw, Parks Canada will be employing a queuing system to help manage the expected high demand. Users may navigate to the reservation service webpage beginning at 7:30 AM. At 8:00 AM all users waiting will be randomly assigned a place in the queue. This is not influenced by how long users have been waiting. Any users arriving to the website after 8:00 am will be placed in the back of the line. When users reach their turn, they will be alerted via an on-screen message. At that point, they have 30 minutes to proceed to the reservation website and make a reservation.
Sony was restricting PS5s by address at one point, but adding an apartment number (to a house) or a 0 to an address got around the limit for the first year.
Depending on how valuable the item is, an incredible amount of manpower will go into defeating bot protections. I made a lot of money after spending a lot of time doing adversarial research and bot development.
I'm going to say that, in this day and age, an online reservation system for very scarce reservations that basically requires sniping to win a slot is a bad system.
> In lieu of a random draw, Parks Canada will be employing a queuing system to help manage the expected high demand. Users may navigate to the reservation service webpage beginning at 7:30 AM. At 8:00 AM all users waiting will be randomly assigned a place in the queue. This is not influenced by how long users have been waiting. Any users arriving to the website after 8:00 am will be placed in the back of the line. When users reach their turn, they will be alerted via an on-screen message. At that point, they have 30 minutes to proceed to the reservation website and make a reservation.