TCP's congestion control algorithms don't work that well when you have many TCP streams competing for the same bandwidth. This is because while packet loss is a property of the link, not an individual TCP stream, each packet loss event necessarily only affects one TCP stream. This means the others don't get the true feedback about the lossiness of the connection. This behaviour can lead to a situation where all of your TCP streams try to over-ramp.
A single stream generally behaves better on such a link: it's getting a much more complete picture of the world.
However, your HOL blocking concern is real. This is why QUIC is being worked on. In QUIC, each HTTP request/response is streamed independently over UDP, which gets the behaviour you're talking about here, while also maintaining an overall view of packet loss for rate limiting purposes.