Development indeed seems slow, while changes that are needed by one of the larger involved companies get pushed through quickly.
Whichever company did that would be accused of trying to "take over" the web.
Ideally large companies should be sponsoring open efforts to define things that affect how the web works rather than doing the work themselves. Smaller open teams that move fast to define structures that work for as many people as possible, even if they're not perfect for Google, Microsoft, etc, would be more useful to the internet industry as a whole.
Whichever company did that would be accused of trying to "take over" the web.
Ideally large companies should be sponsoring open efforts to define things that affect how the web works rather than doing the work themselves. Smaller open teams that move fast to define structures that work for as many people as possible, even if they're not perfect for Google, Microsoft, etc, would be more useful to the internet industry as a whole.