There are plenty of things doing this at the operating system level, going back a quarter of a century.
One of the earliest was the System Resource Controller in IBM AIX 3.2 in 1992. Later that same decade, in the BSD and Linux worlds, came Daniel J. Bernstein's daemontools. A whole family of toolsets grew from that design, including Bruce Guenter's daemontools-encore, Gerrit Pape's runit, Laurent Bercot's s6, Wayne Marshall's perp, Adam Sampson's freedt, and nosh. There are also upstart, Linux systemd, MacOS launchd, and the Solaris Service Management Facility.