Out of pure curiosity, how so? I deal with Protobuf regularly, and as long as a decent library exists to dump to JSON that is domain specific to your use case it is trivial. Is that the only thing missing here?
You can read more in the fileformat: https://wiki.openstreetmap.org/wiki/PBF_Format
There are other problems, specific to OSM and not PBF/protobuf, like needing to store the locations of nodes until the end of file because they could be referenced anywhere in the file.