At the win95 time plenty of BSODs came from microsoft bugs, from userspace accidentally weitingbovervkernel data, or even from running out of resources.
You have to remember the barrier between kernel and userspace was very porous, applications had their own address space but e.g. DLLs were projected at identical addresses and shared some resources. Kernel memory was mapped in userspace, if I'm remembering it right. Basically, apps had their own cubicle, not their own apartment.
Win95 was still a special flower OS due to its backwards compatibility compromises, where you could even kill the kernel with task manager, not really a good idea.
Eventually NT 4.0 became a better option, if you could get all the required software and weren't doing DOS games.
Hence why nowadays all drivers have to be certified, and graphics drivers are again in userspace.