Between the whole HTML5 / XHTML2 thing (which they lost to WHATWG) and the fact that they're a pack of sellouts (the Encrypted Media Extensions debacle), I would not trust a single thing coming out of the W3C. If Trust Tokens are of any use then it should be handed over to WHATWG (which is where I understand it should be anyway given it's an API thing).

Which is not to say I'm fond of advertising tracking like this by any means, I hate it, but if we're going to have it foisted on us by Google et. al. then it should at least be managed by a more competent group than the W3C.