I think some people (such as HN users) would like that. The closest client to that description that I've seen may be:
https://squirrelmail.org/images/shots/nodeco/compose.jpg
I.E. HTML links for navigation, textarea for message composition, etc. I don't think its very popular.
I personally dislike the basic assumptions made by email clients such as assuming we want to organize inbox by date. This leads to vicious responses like inbox zero because the psychological effect and UX utility of an ever-growing list is basically negative. When considered temporally it is actually amazing how long it took major email UX to begin to fix this, and it's still basically broken. That's largely an artifact of the fact the specification is SMTP (T for Transfer) and thus the UX for end-user use case was never considered during protocol design. Today we would seek a more holistic design process. IMHO a strong novel UX would include integration support for digital forms of communication segregated from email such as file transfer, video conferencing, hosted issue systems, payment, etc. while recognizing the critical challenges of such an approach from a security perspective. You ideally need a walled garden, in other words, with OS level controls. I am skeptical a pure browser experience can deliver this. You really need an OSX-like Unix with user focus tracking, security guarantees and a managed notification stream or better.
The UI is nothing that can't be fixed with an admittedly large amount of CSS tweaks :)