A simple browser that only implemented a subset of HTML and the good parts of CSS (ie flexbox) could be implemented easily by a small team.
Most things that look like conspiracies are in fact unplanned outcomes that result from an unintentional alignment of multiple perverse incentives. A different way of saying the same is that most things that appear to be conspiracies are actually "emergent" behaviors in complex systems.
A different example of something similar is real estate hyperinflation. I don't think somebody sat down and said "lets make housing impossible for any family making less than 5X the local median income to reasonably afford." What happened instead was that multiple decisions made for independent and unrelated reasons created an aligned set of perverse incentives that drove the price of housing nuts. There is no one cause or one responsible party.
And thats ok in my opinion. The IETF describes itself as "rough consensus and running code" and it seems to work well. I dont have a problem with the web following that model.
EDIT: But that can also be explained by incentives+emergent behavior. So at the end of the day, you're simply correct.
The difference is they have much more aggressive automatic upgrade processes than Flash or Java did, so bugs remain usable for way less time. And Chrome did sandboxing.
But Firefox doesn't/didn't. It got a free pass from the community because Mozilla is somehow seen as "not a corporation" and did a lot of drum beating about openess/webbyness/etc. So people gave it a break although the architecture wasn't really any different to something like Java applets and if anything was much worse.