Web standards today aren't made by the W3C; they're made by WhatWG, which is Google, Apple, and Mozilla, but mostly Google.
The W3C is still very much active, and produces the vast majority of specifications that are implemented by 'web browsers' (in the general sense) like Chrome, Firefox and Safari, and they have their own standardisation process which is comparable in quality to organisations like ISO.
The area in which WHATWG are most active, though, is HTML, for which they produce what they call 'Living Standards' that have a different process from W3C's. CSS is done inside the W3C, and JavaScript is formalised by ECMA, an entirely different organisation still.
[1]: https://whatwg.org/
[2]: https://www.w3.org/