This is literally how the standards are meant to work, at least on the JS side. The tc39 process requires at least two live implementations to exist before a spec can move to finished.
In this case, there's also people from Mozilla onboard, so there's no guarantee that it'll remain chrome only or that chrome will keep it if the spec doesn't go anywhere.
In fact, much of the web as we know it evolved this way. We have IE to thank for AJAX, after all.
Standards are democratic controls for democratic institutions, not "organizations" that are entirely captured by corporate interests. Absolutely despise how private entities have ruined software engineering by pursuing things that favor themselves rather than people in general.
That is not how standards work. Some for sure, but the majority are established by groups of companies / a guild establishing rules. The law pressures them often into it (e.g. the EU did not say USB-C port, they said: one standard, you industry figure it out).
There are surely exceptions (maybe the IEEE; which are professionals union).
In this case, there's also people from Mozilla onboard, so there's no guarantee that it'll remain chrome only or that chrome will keep it if the spec doesn't go anywhere.
In fact, much of the web as we know it evolved this way. We have IE to thank for AJAX, after all.
There are surely exceptions (maybe the IEEE; which are professionals union).