Can you substantiate this?
> It'd be naive to say that those in the groups are working only and only for the common good and don't pursue their employer's interests
This may be partly true without backing up what you were saying. You were saying something much stronger, which is that Google is deliberately holding back the internet. Now you're saying, "Well they aren't only working for the common good" which is just insinuation. Making the internet work better helps Google, which is why they do all sorts of things, from making Web browsers, to open sourcing codecs, to laying undersea cables. That doesn't imply anything negative.
Not to say there isn't anything negative. Just that your points don't seem to back that at all.
Since the topic is WASM here; here is the webassembly working group: https://www.w3.org/groups/wg/wasm/participants
15 Google, 7 Microsoft and rest are 1-2 seats max.
WebRTC https://www.w3.org/groups/wg/webrtc/participants
22 Google, 12 Microsoft, 7 Mozilla, rest are 1-2 seats max
Web Performance https://www.w3.org/groups/wg/webperf/participants
32 Google, 10 Meta
And the situation is similar in most groups: https://www.w3.org/groups/wg/
I agree that making the web work better is good for Google. But making the web good and advertiser friendly even at the cost of users and their privacy is better for them.