The reason for asking is that a lot of devices use ARM and MIPS processors that lack any MMU. And thus won't run any fancy unix which is entirely built on MMU that provide a separate address space for each process regardless of protection. This usally means only µCLinux remains as a free OS choice.
The main obstacle to get some Unix style environment is to be able to load arbitrary code into arbitrary locations. So I remembered that the 68000 lacked MMU but still provided arbitrary program loads and multitasking. But never investigated in depth how this was done.
The multiple address space requirement for UNIX was a design choice, while it incurs a hardware complexity penalty, the advantages have been listed in this thread. uLinux shows that UNIX doesn't actually
need a per process address space to work, but you lose a few features.
This insight of AmigaOS-68k and MMU less processors now means I know how to make this happen in other environments. Decoding ELF binaries with relocation table and making use of it seems however way more complicated than the Amiga Huff format. The loader has to copy the ELF binary code into memory and then find the relocation table and interpretate it. This could form an self hosting ARM environment that works similar to AmigaOS 68k minus the custom graphics and sound.
ELF is a superior format to HUNK in my opinion, it provides all that HUNK did and more. Your understanding of how an executable file format works is incomplete

there is plenty to learn and you seem keen, so keep reading!