I'm certain that WoW had, at some point, a similar system but it was based on the age of the character in the database.

For example, during TBC when the default LFG channel was removed, players made a new one. When the current owner of the channel left, ownership of the channel would revert to the next oldest character currently in the channel.

Not longest logged in, not longest in channel, but longest since creation.

How do I know this?

My paladin on the server dated back to launch era vanilla. I also had a druid I made during TBC.

If I was on my paladin, I always, without exception, got channel ownership when the current owner left.

My druid almost never did. The druid's name started with G and the paladin with H, so it wasn't alphabetical.