This is not a common practice out of the box, and not even desirable as you may also imply that other users have the same password creating the possibility for this new user to just try different emails with that password.
What you could do is run via a plugin the user password against a list of weak passwords, and return a message if the password entered is easy to break.
If 2 or more users have the same password and their password is good, there's no reason for letting one of them know about the existence of the others. The same thought does not apply to emails or usernames though, since they are the unique ids within the system.