Once the API is high level enough it gets unusable by major users who are high end networking, GPU and graphics libraries and low latency sound.
Nobody else truly needs to bypass the kernel. Even low latency can work with good real time task handling, making the users exactly two cases, who have special DMA handling in hardware already. If it means introducing special case kernel bypasses for high scale computing, it's already done, and the low level APIs just get wrapped.
And the Achilles's foot is security.
If it's arguing for making all hardware a kernel free fabric, it's essentially a move of everything to firmware. Worst case, we get zero memory protection and unfixable bugs.