We had WML for mobile devices before mobile devices were powerful enough to render HTML. Then we got smartphones better than my computer bought 5 years ago. AMP in my oppinion is a step back, yes you can do a lot of things in CSS. But in reality there are cases where it needs to happen dynamically. For example: javascript input validation, you cannot validate data using CSS. Are we then going to reinvent Javascript using some new fancy name?. Also, how about backwards compatibility(IE7-8 I'm looking at you)?
Those companys could spend their resources on better things, like implementing ways to load viewport dependent images(it seems it's already done using picture tag). Because multimedia takes huge chunk of the website.
And like always there are ways to write performant websites using existing technology and even more ways to write slow websites using all the "bleeding edge" technology. It's up to the developer mostly.