I have watched stuff with online friends on several occasions, every time we have to turn our mics off because hearing someone else talk at all really takes you out of the moment at best, and completely drowns out dialog at worst. And this is just between two people. I can't imagine having a whole group talking would go over well, voice chats are just not the same as if people were physically in the room together.
Like, if you're in a room with people you can still sort of ignore their own little personal audio channel (for lack of a better word), people would be able to make jokes to the person next to them without distracting everyone, you can move away from someone being obnoxiously loud, etc. But in a headset mic situation the peanut gallery and the movie are coming from the same sound source and everyone is the more or less same volume as the movie, even if they're trying to stay quiet. It's really disorienting and hard to pick apart.