Munger gives a tool to identify new (yet unknown) risks. Seeking what needs to be addressed so that the project doesn't fail.
The other thing is a tool to help us deal with the known risks (derisking the project, identifying the complete blockers). Checking if the project is doomed, and should not receive more investment.
I see it as two very different things from the project management perspective.
It's an extension, not a distinct approach.
What I've seen, people focus on the business requirements and only the obvious risks. That's for the regular projects.
I have seen Munger's proposal in practice. In form of intentionally breaking production (in a controlled manner) to uncover unknown issues (similar to Netflix's Chaos Monkey), and in form of think tanks with senior engineers who take time to think about potential reliability issues.
What Munger describes is exactly the latter approach. From my experience, it's done very rarely. And never in some companies. While Munger advocates to do it for every project.