It's a process supervisor / service management system. Booting the machine isn't really the most difficult job of such a system, just the special case of starting some things on boot. More of the work goes into the non-boot case, and at the moment a lot of interest is in container-based virtualization. The kernel cgroups system provides the basic primitives for building such systems: hierarchical process groups, resource limits, etc., but you need a userspace layer to make it usable, e.g. managing creation/destruction of containers (and their associated networking, resources, etc.). Systemd is the userspace layer.
There are fairly similar approaches in other Unixes, though with pros and cons. Solaris uses SMF, and OSX uses launchd, both of which replaced more old-school shell-script-based systems for similar reasons. FreeBSD has toyed on and off with porting launchd from OSX, but the porting effort stalled. For the moment it relies on a more "DIY" solution where it's up to the sysadmin to maintain a tangle of shells scripts plugging things together, e.g. integrating jail management with resource constraints (RCTL), services, and networking. All the pieces are there, but either you write your own shell scripts to glue them together, or you can use something like cbsd. That has some pros and cons as well.