LotRO has (easily) craftable campfire kits that can be used to make campfires. Standing near a campfire enables certain cooking recipes that need one, increases the rate at which morale and power (HP & MP equivalents) recover, and wards off the effects of cold in regions where that's an issue. But it seems to mostly be used for RP, as who wouldn't like to gather around a campfire with their friends.
Having some sort of buff isn't bad, but I'm not sure that one quite fits. Making a campfire is for situations where you have time to sit around the campfire for a while. But in that case, you wouldn't be bothered by the skill cooldown. Stopping to make a campfire because you're in a rush to run off to some FATE or Hunt or whatever just doesn't seem to fit.