Oh, this is interesting. I have been messing around with a WebExtension for dumping encoded WebRTC media streams by intercepting streams on RTCPeerConnection.addTrack, but it doesn't work reliably since the current WebRTC encoded stream API(s) only supports a single reader, so if the actual website is also using the API, it either breaks the site or it's impossible to intercept the media.
This seems like a nice workaround, I had briefly considered some kind of proxy but I wrote it off since WebRTC traffic is encrypted, I never considered proxying the peer connection API calls themselves. Pretty clever.
I ended up doing proxy because Google Meet doesn’t let me hook at any RTCPeerConnection APIs at all. I wanted to send synthetic media in, but couldn’t get it working. Ending up doing a virtual webcam on Linux.