It exists already - https://threedots.ovh/blog/2022/06/quick-look-at-user-mode-f... - it is just that Apple hasn’t made the API public, and (AFAIK) won’t give you the entitlements necessary to use it. But, both are issues Apple could fix relatively easily - if they wanted to - and here’s to hoping the fix is coming soon
However, there is an alternative that works right now - have your user-space filesystem process act as an NFS or SMB server, and mount that. From what I’ve heard - https://lists.nfs-ganesha.org/archives/list/devel@lists.nfs-... - macOS even supports mounting NFS filesystems over Unix domain sockets, which has performance and security advantages over IP loopback