I would argue that a pdf reader is much simpler than multiple very popular webpages nowadays.
Many apps do exist on the web. Not many of them are very good, PDF is a bit case in point - web struggles to fully implement PDF read/write (partly a complexity thing, partly I'm sure a tactic non-compete with Adobe).
Even more sites still exist that aren't apps, even if a few big sites have stolen people's imaginations...
So two reasons why you don't really want your PDF in the browser (I don't mind much if I'm never going to look at it again but otherwise no I don't want it in my browser).
Even if the first two weren't true, there's still just the fact that, no, PDF is local, web is not. I don't need an internet connection for one, and I don't need to worry about one messing with the other. Sounds like a strange thing to worry about, but browsers do crash, and more importantly browsers are often filled with tabs. You can have many PDFs open but you don't need to keep them all in memory...
Sumatra excels at read-only. Usually anything to do with PDF is synonymous with slow, bloat, buggy, but Sumatra at just 10Mbytes, managed to feel snappy, fast like a win32 native UI.
OK. Now load 100 PDF's. You will need a dedicated PDF reader unless you don't mind wasting a truckload of RAM. Also, browser PDF readers are generally slower and are not optimal at search/bookmarks/navigation/etc.
For me, having a separate dedicated app isn't worth it for the benefits you mention, which to me are minor compared to having to install and manage another thing (which, to be fair, I imagine Sumatra to be a very pleasant citizen at compared to Acrobat).
Documentation particularly is a big one. Then there are books, etc.
Some web pages can still manage to be leaner than a PDF, but as another poster pointed out, a lot of modern web is pretty trash...
Sumatra has no issues with 200mb+ PDFs, or ones with complex drawings.
These are all engineering drawings such as mechanical, electrical, and architectural drawings, so mine might not be a use case everyone has.
I also have opened Lenovo Thinkpad manuals, hahaha. For those who haven't, it's quite amazing, really: the SVG images are exports of the full CAD model of the laptop without any culling of elements that aren't visible. And I know this because I used to see each indiduad screw be rendered slowly afer the other whenever pdf.js tried to render one of those bad boys.
I just tried a few PDFs in Chromium and PDFium seems to be much better than pdf.js - faster and handles forms more smoothly.
So one can expect zero day exists and are exploited.
That may not be a feature for you, but it is for attackers.
PDF was originally a display-only format.
In fact you have gotten it backwards. The obviously dynamic features in PDF like JavaScript are designed to be dynamic so they receive so much more attention in security. So smart attackers attack the not-obviously-dynamic features in PDF.
For example, it doesn't support JavaScript. And it doesn't support GoToE.
The text features, both strings and fonts, get sent through HarfBuzz for sanitisation.
How is it not sandboxed?