Yes, someone made a game like this. It was only a matter of time. Even better, it sold so well, as in the biggest selling indie game on Xbox Live Arcade. So naturally, they made a sequel. Just watch the video.
The idea is simple. Keep the baby in the air as long and as far as possible by bouncing it off of the bounceable objects. The game only costs 1 dollar, so if you want to sit around one day and laugh your ass off, I totally recommend this game, and the original. Screens past the break.