Sure. Knuth's original Sail version of TeX just directly wrote output in XGP format, since the only type of usable device anybody had was the experimental XGP printer (which Xerox had bestowed on a few CS departments, years before electrostatic printers were commercially available, never mind laser printers). When Knuth ordered the Alphatype typesetter, he asked me to write a new output module for the required format, and we'd be able to statically link it instead of the XGP module, so there'd be two TeX executables to choose from, depending where your output was going.
Well, imagine you're an unaccomplished grad student, and you're going to tell Prof. Donald Knuth that he's wrong-headed, that his approach wouldn't scale, and that the right thing to do instead is to have a simple, intermediate format, so that nobody would have to muck around in TeX's internals to get a new output device going. Quite the rush when he gave the go-ahead.
So, the first DVI format was purpose-built for proto-TeX (and underwent a revamp for the final cut, just like everything else). It's really just a slightly compressed form of display-list (move to x,y; put down character c in font f; move; put down a rule; done with page) and nothing to write home about. While it was important in the early days to help us and others to get various devices going, and allow for Tom Rokicki's fabulous(ly important) DVI-to-PostScript program, given the ubiquity of PDF today, it's appropriate that we've come full circle, and PDF output is built into most TeXs that people now use, leaving DVI mostly a historical footnote.