Well in vanilla FL campaign there were indeed alot of people shouting 'take out their engines' in random occasions and i would wonder 'how?'. Other than in cinema's, this feature was never really added.
Obviously this idea has alot of RP potential. If you COULD actually take out the engine you could have all kinds of hostage situations. However. in alot of cases people might actually do this to annoy others rather than add a RP dimension (As they aren't allowed to F1, you can disable them and just be a standard bully for no real reason at all).
But really, wouldn't it make sense that at severe damage, your cruise, thrusting or steering would actually start to act groovy and eventually stop altogether.