The complaints I've heard in the past regarding the woobie is the overall weight of the system (as others noted). Jacks R Better does sell a down quilt with a slit in the middle to allow it to be worn as a poncho.

https://www.jacksrbetter.com/product/sierra-sniveller-wearable-camping-quilt/

I personally wouldn't want to sleep under a poncho unless my needs more closely aligned with the army's (making it slightly less likely to be discovered by an advesary while on patrol/mission).

I think something like the jacks r better quilt with a lightweight poncho would be good multi use equipment options for shoulder season or emergency situations.