Yes, initially the web could only display hyperlinked text. The same can be said for many technologies/inventions, should we therefore never expand the capabilities of our tools? What is the difference between the web and your operating system in that regard? Why are OS APIs so different?
We can also look at the positive effect this evolution has had where what used to be platform specific tooling is now often simply available via a URL. I much prefer that over random executables that are not sandboxed and by default have full access to all your data. Yes, this can be mitigated, but the average user won't.
No it's not all sunshine and roses, we've made trade-offs with regards to performance and UX among others, but this is still an ongoing process as the modern web is still relatively young and changing.