I don't trust Google.
We need to go back to an independent and competent research group designing standards. Right now Google pwns and controls the whole stack (well, not really ALL of it 1:1, but it has a huge influence on everything via the de-facto chrome monopoly).
Remember how Google took out ublock origin. They also lied about this aka "not safe standards" - in reality they don't WANT people to block ads.
Power is taken but also given. It's a dynamic and I agree it's gotten way, way out of hand. It may eventually supress progress and become a real parasitic presence, but we've not reached that point yet (in net terms). Google has been relatively responsible with the power, but cracks have been starting to show. It will get a whole lot worse before it gets better. That is why I embrace vertical integration despite the tremendous cost. Call it the cockroach approach; it allows being partially decoupled from outside fluctuations.
Addition: People underestimate Google's influence. It's easy to forget they de-facto control Firefox, leaving only Apple and Google in control of the Web. Scary, but looking away won't help either. The Americans have been consistently competent with technology since the advent of the transistor right after WW2. They're reaping the benefits of that still to this day. I say that as a European.