Just a plastic bag over your boots adds a bit of warmth but I’d be looking at the insulated stuff sack idea if I was making. CCF and cordura for the base and any LW fabric for the collar. 100GSM or greater insulation because feet are very hard to keep warm
Just make the base a long foot shaped semi-oval rather than round and as suggested a drawcord at the ankle and the top.
SacksMillet and a few other Continental businesses made something very much like this for HA climbing before the days of good Himalayan footwear, we used to call them footbags in the same way we used to call bulky mittens handbags
Make 3 tho, one for each foot plus an extra double or triple sized on as an extra layer to enclose both feet. It would need to be pretty cold tho to need both sets of footbags

