that is what i had in mind; if you have more speakers, you can use completely different techniques (such as ambisonics, object based and/or discrete channels)
but it is interesting to hear that some people actually tried 8 speakers with a vintage stereo matrix format.
it will not solve the "no rear" or "no smooth circulation" issue, but eventually sound a bit better for fast movements and for virtual sources places "in between" the speakers of a 4 speaker setup.
possible matrix encoders could be built, and would use the same building blocks as the existing systems... interpolation, differention, phase shifts, and eventually multiband steering.
of course all of this is a bit academic since such systems limit the hotspot to the very center of the room, and most of us aren´t japanese.