I'm pretty sure this was the first ever 3D fighting game series. Definetly the first 3D fighter on a console, that console being the Sega Saturn.
When the Saturn came out Virtua Fighter was packaged with the system. I was amazed at the blocky graphics, because back then even blocky 3D graphics were amazing.
I've never heard of a company doing this before, but Sega actually sent registered customers another copy of Virtua Figher called Virtua Fighter Remix a year or so after the system was released, with significantly improved graphics.