Captioning game content should be relatively easy (I think the captions already exist and just need to be enabled), but captioning fireteam chatter might be hit and miss, unless team members help by speaking clearly. The type of issue I would worry about would be, for example, someone says "we need more on the left" and it translates as "we need moron the left". Or background noise makes it unintelligible. I see this a lot with other text to speech stuff. Still, I think this would be a great addition if it's feasible. My elderly father went several years functionally deaf before getting hearing aids. He is still hard of hearing, but until he got the hearing aids, he really couldn't hear and understand anything unless you shouted into his ear from inches away, and even that was iffy. So I have spent a lot of time configuring his devices, cable box etc to use closed captioning, and am always frustrated when the feature isn't available.
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Yep you just switch the subtitles in in settings, destiny along with almost every other game out there caption the dialogue spoken in the game. Auto captions of people’s voices over a headset will never be perfect due to an array of factors some of which you highlighted, but I’d rather something than nothing. That way I can double check that what I heard matches the subtitles to a degree then make an informed decision on how to respond.