If it does I'd expect it to catastrophically fail because the codes will undoubtedly get reverse engineered and everyone would be able to easily reproduce the signals, and they could easily be broadcasted everywhere until people are so annoyed they can't take pictures anywhere that it'll get dropped.
Also unless it somehow gets baked directly into the camera chip, you'll always be able to root your Android phone and disable it, and jailbroken iPhones probably will easily disable that "feature" too.
I also think recording police activity especially if you're involved is a protected constitutional activity. Generally you always have a right to record in public.