I don't think it's a good thing, I think it's inefficient and used against people as much as it's used _for_ people. Standards such as "WebUSB" are just incredulous.
The fact that some very smart people managed to get a javascript renderer to go real fast seems to have spawned millions of people just to dump garbage into it constantly, and -require it to be enabled- to do things that used to be possible without it.. it's shockingly bad for accessibility, bad for performance, bad for my ram. But I guess you don't have to worry about _my_ ram.
I'm very sure it's profitable to turn the web into an application platform, and it _is_ delivering a lot of actual value to a lot of people, certain things would never be possible, but it's abused too, and honestly it takes a lot away, privacy among them... but we can't talk about that as an industry because half of the people in it depend on that ecosystem being maintained.
I'm not going to go as far as to say that "the web" is the new oil industry; because we have no oil spill equivalent and we havent gone to war about it (though the e-waste due to inefficiencies and "everyone has 8G of ram, right!?" is likely not helping the ecological situation).
But the industry is propped up because it's too big to fail now, and you're damned if you get in the way.