If someone wants to volunteer the 1000 expert man year required to, say in 10 years (with 100 experts), submit a probably 10 year outdated version of Rust that nobody is using anymore for ISO standardization, they are free to do so. Nobody is staying in their way.
I doubt anyone would care about evolving Rust in a way that's compatible with such ISO specification.
Most people interested in "specification" appear to be interested in doing things that add infinitely more value than an ISO specification, like actually formalizing the language in theorem provers / proof assistants, delivering an operational semantics specification like that of WASM, etc. These deliver almost instantaneous value in that they can be used to analyze existing Rust code for "formal" correctness, can be used to implement interpreters that verify and protect Rust programs at runtime, can be used to verify more aggressive optimizations that make Rust programs faster, can be used to extend the language with new powerful features that solve real problems and are built on a strong formal foundation, etc.
If you look at C and C++, which have millions of users, their ISO process only gives a tiny amount of people a lot of control over the language design and evolution. The only barrier of entry is paying the 1000$/year fee or so (no qualification, "Programming Language" background required, etc.). This type of process sounds to me diametrically opposite to anything Rust stands for.
But yeah, if someone wants to submit some subset of Rust for ISO standardization, create their own sub-community, and live happily ever after, they can definitely do it.