In fact, if I was trying to build "markdown over http" I'd start with the JS library. Skip the native browser application entirely.
Web Assembly, for example, is pretty pointless if browsers don’t support it. Browsers now support it, so it can be used, and that’s slowly happening.
It seems like the new document standard would need to be written, the benefits would need to be demonstrated, to the point support is integrated into the mainstream browsers, and then people who see benefit from the (I assume) easier/faster/better development, can start using it for new projects or integrating it into existing projects.
Trying to make an entirely new internet based on a new document standard would be rough. At this point, I don’t see that as a way forward, unless it brings something extremely compelling that users want and go crazy for, which can’t be duplicated with existing technology. I’m thinking Napster levels of hype and consumer desire.
*gestures vaguely at Gemini*
(serious question, because I too want that simpler, lighter version of the web).