We see this today - there are plenty of protocols to support rendering applications over the wire (vnc, rdp, x-forwarding, waypipe, broadway, etc...)
They get very, very little usage outside of highly technical spaces. The demand just isn't there.
What did get there was the browser - which solved this problem quite nicely for basically every desired use-case, and has the benefit of offloading most of the computation to the remote device.
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And as an aside - text remains a wonderful medium, with an incredible amount of composition and flexibility. The issue with GUI systems is that output != input. And it turns out that matters quite a bit, and is unavoidably limiting.