This is a good take. Standards were a weapon to fight Microsoft's closed source IE— emphasis on closed source. Why? Competing browsers needed to be IE-compatible to matter, and without standards spec-ing out what IE's doing, it's hard for other vendors to know if they were 100% compliant.
Now that the major browser everyone's coding against is open source, and competitors can freely borrow their engine, I'd say we don't really need the W3C anymore.