Such things have definitely happened in the past.. Not many (average) people have heard of KDE or its web engine, KHTML, but almost everybody these days uses Chrome, which, through Apple's WebKit, is descended from KHTML itself.
Serenity uses its own libraries everywhere, to the point of replacing C++'s std with their own library, AK, which might make stripping it for parts more difficult, but it's certainly not unimaginable.
If Serenity's web engine gets good enough, I can even imagine some EU government sponsoring an independent competitor to the Google / Apple browser duopoly.