That has already existed for at least the past decade or more. It's called the Cyber Corps. Granted it's focused on computer security and doesn't come with the ego boost that being crammed in a small room at the White House seems to give people here but it is a CS/engineering scholarship for service program.
As someone in the 20-35 bracket who works in cyber-security, I have never heard of this program. I was never told about it in high school, in my CS program, nor have I heard of it at work.
https://www.sfs.opm.gov/