(for reference, Taht's comment is indirectly linked from the submission; https://www.fcc.gov/ecfs/document/12010651418616/1 which has much more detailed technical discussion.)
Dave Taht... that's the guy behind a lot of the bufferbloat work over the past decade or so (and seems to be the submitter?), right?
In my experience, predictable latency is more important than low latency. 50ms RTT can be fine for a video call; it's not fine if it spikes up to 500ms sporadically. Protocol work like QUIC that can reduce per-connection startup overhead definitely helps in this regard.
On the other hand, if you have a highly interactive use case like SSH where every single keystroke must roundtrip between you and a server, that 50ms RTT is very visible.
I think talking about absolute latency might be misguided in that it depends partially on the other end you're talking to. If I'm in the eastern US and communicating to a server in India, there's no way I'm getting < 100ms RTT (I'd be happy if I could get 200ms). On the other hand, if you're using legacy satellite internet like Viasat you might have 600ms latency talking to a server in the same city. (Starlink does better, but it still imposes sizable fixed latency costs on the order of 10s of ms.)
If I had to come up with latency metrics, I might initially suggest "< 20ms within the same city; loaded latency must not impose a penalty greater than 40ms" (I'd love for these numbers to be lower, but they're already very ambitious for Starlink due to physical characteristics of the satellite constellation).
edit: of course, in retrospect, that's my urban bias coming through -- what if you don't live in a city? or consider Hawaii -- is it good enough to just consider latency to Honolulu? Or do you want latency to www.google.com (the nearest frontends are in Los Angeles)?