This isn’t an unproven space. Singularity proved you can use a single global address space (given 64-bit) and software to isolate processes - something MS Research called Software Isolated Processes.
This requires a verifiable bytecode/VM system so the kernel can verify the instruction stream at load time. In a way, WebAssembly is even easier to verify than C#.
It’s obviously a research toy but that isn’t a bad thing.