keels over in laughter
Oh, there's been quite a few attempts at at standardizing HTML rules for email. I was even in one of them, which petered out very quickly.
Functionally speaking, the problem is you have three groups of people with HTML email (well, four groups, if you include the people who wish it died off). You have the marketing folks, who want HTML email to work essentially exactly like regular webpages so they can do all their normal design stuff and get it to work. You have the MUA implementers (particularly webmail), who need to aggressively sandbox and sanitize the HTML because to do otherwise is to risk security leaks. And you have Microsoft, who needs to keep visual compatibility with Word HTML because their userbase would flip out if they broke stuff. These groups want different stuff from HTML, and they're not going to do a good job of reconciling their viewpoints with one another.