Sure there is but would require custom collision solutions. The bounding box has and will always continue to be the first level of collision detection out of the box and every engine since the introduction of the 3d environment has had one. It’s like tires on a car that go round and round. 
The old school way of doing it then was to make sure that the player model fit inside the bounding box and that surface collision was extruded away from the wall.
I doubt though that Epic would implement anything fancy as there are way to many variations of what maybe needed and a custom collision solution not all that difficult to make based on need.
Would be nice if UCX on a weapon was respected though.