That would be the holy grail of encryption. The best we can do is an encryption method that needs an k amount of keys of n total keys to get the key that decrypts the data.
LUKS uses an master key that can decrypt the storage and this master key is then encrypted with the keys the users enter, with that algorithm this is no longer nessesary.
Law enforcment/espionage would be also interested in it, since it allows access to data without breaking the encryption.
On the other hand it is a weaker cypher, since if 2 keys allow decryption, there may be more keys that can decrypt the data.
Genuinely interested: I agree it'd be useful but, what would make it a "holy grail"?