These are called Radial or Pie menus, and they've been around since the 1960's. In 2018, Don Hopkins published A 30 Year Retrospective of Pie Menus, which covers their history, theory, and adoption.
Pie menus and their variants have been researched fairly heavily, originally by Callahan et. al., and later by Hopkins and his team (which found them to be "about 15% faster and with a significantly lower error rate than linear menus"), and others such as Kurtenbach et. al, and Sanjay Trapathi. To quote the abstract of the Callahan study:
Pie menus gain over traditional linear menus by reducing target seek time, lowering error rates by fixing the distance factor and increasing the target size in Fitts's Law, minimizing the drift distance after target selection, and are, in general, subjectively equivalent to the linear style.