This is what React does if you don't use Flux/Redux/something similar and it don't scale very well to medium sized or larger codebases.
Web Components hasn't been supported by all browsers (and probably still isn't) and has had some problems with grouping components and loading them. I can use React today but Web Components is something I might want to use in 2-3 years.
The end result is very React-like in behavior, but completely interoperable with other web components, and not require a framework at all.