I could see that for some very small niches, but in general I think it would be a terrible development for the industry.
Hardware vendors don't like to share. They don't share code, they don't share common interfaces, they don't even share documentation. As it is now, these are all problems which most userland developers don't have to care about -- those problems get dealt with in the kernel, by developers who specialize in building support for uncooperative hardware.
The average application developer doesn't want to have to figure out how many queues are supported by a NIC just to open a connection on the network. Further: the average application developer isn't experienced enough to do this correctly.
Given the niche where these tradeoffs make sense, I'm not sure why the paper bothers to emphasize security at all.