1. Can be rendered server-side without a heavy runtime (ideally written in C/C++/Rust/Whatever instead of JS).
2. Has a well defined output AST, so that the output can be manipulated (e.g. realtime visual equation editing).
3. Is accessible to the visually impared.
Actually, we have such a system: MathML. And its a W3C standard to boot. The only reason why we have to rely on slow JS hacks like KaTeX and MathJax is because of Chrome. Google hates disabled people.