If the goal is to compete with Chrome/Edge/Safari directly then yeah some spunky team of ragtag volunteers isn't going to be able to match what the megacorps can bring to the table. Even Firefox struggles here.

If the goal is to have something that's usable in limited cases for a self-selected set technically competent enthusiasts, then this is well within reason and not without value.

What I find particularly interesting is that there's an intent to support WebAssembly. That may turn out to be overly ambitious, but if they succeed there's a lot of potential upside to having another WebAssembly engine that's independent from the major browsers.