No, you're right. Portal is effectively iframe without all the security protections.
So why the heck are people opposed to that?
https://people.apache.org/~jim/NewArchitect/webrevu/1998/12_...
in that scenario “wouldn’t it be cool” is not a good enough reason, and for a major feature such as this, skepticism is healthy and warranted... the “web browser” is slowly being transformed into “the google browser” and we have no one to blame but ourselves