A climber's Portaledge comes to mind.

Or this:

https://weekendervanlife.com/van-han...0in%20a%20tier.

Neither is very portable.

Your typical folding cot is not going to lend itself to being hung unless you can support all the points that are normally held up by legs/feet. I can't see it being very simple. And even folding cots are not very light or compact.

(not sure what is meant by being "in the position of a traditional hammock" ?)