The web is controlled by the W3C, a consortium of different stakeholders including Mozilla. It's as close to a public good as we're going to get. I'm disappointed by the self-defeating cynicism in this thread.
I'm also disappointed that this forum allows cost-free mindless downvoting, the original sin of toxic social media. Slashdot solved this problem.
The WHATWG was founded in 2004 and the W3C competed with it for a while before officially forfeiting control over HTML to the WHATWG in 2019.