There have been many unsuccessful such efforts. I'm only half joking if I say "the web" has been the most successful one to date. Or maybe "the browser window" is more precise, here.
The terminal is an odd, but historically understandable, mix of an API and a user interface, with the added UNIX flavor of "if everything communicates through text streams, then everything can talk to everything else" - which includes both humans and other programs. The clean way to go these days is of course to separate the two out (though on the terminal, arguably a REST endpoint is a also kind of user interface).
Powershell is a candidate for the "terminal reimagined" award in the sense that you're passing around structured objects rather than text streams internally, and so avoiding a lot of escaping/injection badness, even though the UI is a terminal window (but with a lot more autocomplete etc. features). (Personally, I hate its syntax, but that's a matter of style.)
The moment you want to go down the "UI reimagined" route while keeping as much cross-platform compatibility as possible, you end up with HTML/CSS and the layer of your choice on top of JS.