Consider the most common task the SecurityManager was deployed for: stopping plugins calling System.exit() by accident. One might say, the right to exit the process should be an object capability. OK. But then where does that object come from? Java programs start at main() and it doesn't receive an object.
You'd need a new design where you pass in a god object to main(), which in turn has properties giving access to a ProcessExiter interface or something similar, and then any code that genuinely needs to exit the process would need to request it in the function arguments, threading it down the stack. You'd get an explosion of types. A simple permissions DSL is much easier to write and reason about, and it gets out of the way when you don't want sandboxing.
Why would you want all HTTP requests to flow through a single capability object? I think it's pretty common to want to let code do GETs but not POSTs. You end up wanting pretty fine grained permissions in a lot of real scenarios.
File descriptors are poor object capabilities because the interface they implement is fixed by the OS, except then there's a weird ioctl escape hatch that isn't properly typed, reflectable, wrappable or interposable. To see what can go wrong with this, consider a recent fix to the Codex sandbox on macOS:
https://github.com/openai/codex/pull/46500
The sandbox forbids writing to a file descriptor except, oops, someone at Apple forgot about the F_TRANSFEREXTENTS ioctl which is still allowed on a read only fd. It should be possible to do what is expected here and just pass in a read only fd where all you can do is call read() and maybe seek(), or perhaps pass in an fd where a specific ioctl is the only thing you can do, but POSIX has no concept of this.
A good example of an object capability system would be Mojo, which I describe in the essay. You can create objects representing capabilities and pass them between sandboxes, in an unforgeable way.
We live in a golden era of prototyping so if you wanted to make a language where everything is a capability passed into main(), you could. The code doesn't have to be executable, you could just mock out some realistic programs and see how the code feels. My guess is you'd need a lot of language features to hide the explicit object capabilities away for ergonomic reasons and it'd end up feeling a lot like a SecurityManager based system.