What would you replace it with? At the very core you need two things: the notion of a unit of data and some metadata to address it. To be as flexible as possible that unit of data would probably modeled as a sequence of individually addressable bytes but it could be more structured. Such a thing is dangerous because if your structure isn't sufficiently expressive 20 years down the road people will end up imposing their own structure on top of obj.binary and there goes all the work.
Once you have data and handles to access it you might start wanting some convenience features like access control, locking, namespacing, constraints, relationships.
I don't disagree that we can drop many of the current filesystem semantics but fundamentally all that really means is changing is the query language to access objects and manipulate their metadata.
I also don't disagree about process hierarchy. Being able to express relationships between processes beyond parent-child natively without farming out to an external scheduler would be awesome.