I get what you're saying though. Google has the manpower to crank these out at a volume none of its competitors can, but I don't think that's a failure of the standards process.
Chrome's lumbering march to total dominance has been frightening to watch for many years now, and it only seems to be accelerating.
If you have a good idea for a new web standard, you can download the chromium source, add your new standard, build your cool webservice to work with it, and send the chromium OWNERS (many of whom don't work for Google) a PR.
Sure, there will be a bunch of rounds of review and questioning if your feature really is suitable for the whole web, but at the end of the day you'll probably get it in. Then you can add it to Firefox. You could theoretically add it to safari too, but they don't really like taking PR's these days...
The dark side to this is that the Chrome team can implement an API as an experiment, then when it's ready, propose it to the standards body and push it through before anybody else can catch up.