The W3C has previously been described as "the organization that has been trying to kill and/or replace html since the day it was founded", and as having "a long history of fucking up HTML by going off into la-la land for a few years while the world evolves without them".
The current HTMLWG had no choice but to (eventually) move on from the former, and has since put all its energies into the latter.
Why should we expect any different this time?
The end result would have a few advantages:
Just a few thoughts!