If I was approaching building an init system I'd make a better language for writing init scripts than bash, some kind of interpreter that processes mostly declarative init files, sets things up, and then exits. An incremental improvement that works with existing systems instead of putting a whole bunch of new (generally un-audited) code into PID 1, with all the security implications that implies.
Redhat may contribute the majority of the work but they're also very good at positioning themselves so that outsiders can't really contribute any work, or get any independently developed standards implemented.