There was a recent thread asking the same/similar:

https://pinside.com/pinball/forum/topic/coop-mode

I've not tried coop on the American pins, but both TNA + Mandalorian have it very well integrated.

Mando allows progress to be made on mode progression across players but I believe all players get to play the mini-wizard modes individually. You also share beskar (currency used in the in-game shop/mystery award replacement). It's cool, and my wife and I play coop every time we see a Mando on location.

TNA combines scoring and progress on destroying reactors, but keeps track of how many final-shots each player makes (IE how many reactors you destroy). Works very well and it's fun when you get to steal that last shot, get an easy 'point' and piss off your teammate

I'm a huge fan of co-op in games and really hope to see more of it in the future.

I'm guessing you're aware, but "Monster Mode" on Mando is almost exactly this but not co-op, Player 1 is on the "Impossible Mode" rules and Players 2-4 are on standard rules. I agree combining this with co-op would be sweet, but it's very fun and I love both the options on Mando as they are.
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The games that do it well (TNA specifically) there's still some competition, but it's much friendlier for the less skilled players than standard score competition. And on Mando, standard modes can't be played more than once per co-op game, but each player gets to play the mini-wizard mode if the team makes it there. All depends on implementation.