I haven't found it yet, but I would love to see Cortana be able to mute my phone based on a location. For example, when I arrive at work, when I arrive at church. Anyone else?
You could set Quiet Hours to mute during a meeting and then set a recurring calendar appointment for Church.
However I like your idea. Would be possible for Microsoft to add that as a feature - use the UserVoice feedback - or a third party could write an app to do it, but it wouldn't be integrated.