Why over a socket? You could perform the same protocol more efficiently with normal functions in-process. Maybe we need a standard serializing LPC protocol just using the platform ABI. Or maybe this comes down to something like ZeroMQ in-process.
The overhead of socket read+write is typically much less than the serialization overhead, although both can be optimized to the point of irrelevance for many applications.
It's also interesting because it ends up looking like a microservices architecture, except all on one machine (even all in one process tree).