Also at install time the application would run all its initialization steps including GUI object allocation, with GUI object handles permanently assigned in their own segment of a global address space. The linked and initialized state of the application would be stored. Then launching the application would be more similar to a resume-from-suspend operation: memmap the pre-initialized state into its already reserved segment of address space and reactive the frozen gui objects.
Probably I'm naive: I've never built any of this kind of low-level OS stuff. But I really do think there is room to re-envision some things which were decided in the 1970's based on constraints of 1970's hardware.