Isn't that the SmallTalk model, but everyone decided to use C++ instead?
Smalltalk was OS/2's .NET, so to speak.
Unfortunately it all died alongside OS/2, followed by IBM's pivot to Java.
I believe Tribes 2 did something similar just at a higher level
While initially Java on AS/400 did take advantage of TIMI, IBM eventually moved away from it, into regular JVM design on now IBM i.
Most likely because IBM z doesn't use TIMI, rather language environments, and they want a more straight design, or due to Java dynamic capabilities using TIMI wasn't the best approach.
On AS/400 (IBM i), only Metal C, and the underlying kernel/firmware, written in a mix of PL.8, Modula-2 and C++, are pure native code.