There's a tonne of work done in this space, e.g. Mary Sheeran's µFP from the early 1980s [1], at least for classical synchronous digital circuits. Some googling will dig up a survey or two on modelling circuits with functions and a variety of systems in various languages. BlueSpec was and perhaps is interesting too but is quite a different approach.

[1] see e.g. https://www.jucs.org/jucs_11_7/hardware_design_and_functiona...