I ended up finding the application it's intended to run, ELKS, the most interesting part. ELKS (“Embedded Linux Kernel Subset”) is apparently a very, very old fork of Linux from the 1990's that targets 16-bit real-mode x86 systems with no MMU (e.g. 8086) rather than 32-bit protected mode x86 (80386 and later). It's fascinating in a similar way to how, say, ancient religious schisms are. It's still actively maintained even!