That would be interesting. This isn't quite freestanding Python, in that it's running on Grub so there is a lower layer, but it's still cool despite that.
Well, even Chrome OS and Firefox OS don't have their own kernels; they run on top of Linux.
If you were to build a Python OS, you'd probably start by writing PID 1 in Python. It would be a Python init, starting services written in Python, running gettys written in Python, and you'd log into a shell written in Python.
Hmm... I can actually see myself writing an init system in Python... (hell, I did exactly that at my last company.... I'd have to rewrite it from scratch, but that's no big deal...)
Every OS ever had a bootloader of some sort as far as I'm aware, in some cases you had to toggle them in through the front panel but I don't know of any OS that did not have a bootstrapping stage prepended.
There's the bootloader, there's the bios and there is the operating system. It's perfectly legal to do bios calls from a running operating system (though there will be a price to pay for sure). The bootloader is usually discarded after the boot. The bios doesn't 'run' in any way either until you call it, think of it as a library that you can call.