Wing Commander (1990), among other games, also awarded visible medals for missions and events. It was a nice touch. (X-Wing, which I also played the heck out of, was released in 1993.)
Here's what the medals in Wing Commander looked like when worn:
But two things about content awards in Limit Theory:
1. Medals are designed and awarded by the military and civilian leaders of a faction/government, for whom the service member works. How would that work in Limit Theory, in which the player's character might not belong to any faction, and might at some point create a new independent faction?
2. You could get around that by awarding "achievements" to the player
, but that pops outside the gameworld itself.
However, Josh once said that Limit Theory will not have achievements
Having said that, though, if Limit Theory is ever released on Steam, I would not be surprised to see player achievements of some kind implemented. It's a Thing.