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As interesting as this is, SystemD replacement seems to be the wrong term, as it doesn't seem to support SystemD service, target, etc. files.

Maybe a better term might be "Init System"...

Right. Don't replace systemd, compete with it. Don't remind everyone that your competitor exists.

To replace the functionality of something you dont have to read its ugly config files. :)

E.g. nginx can be used as an apache replacement.

If it read exiting config file typically you would call it a "drop in replacement".

Considering how ubiquitous SystemD is, I think a drop in replacement might just be a better idea.