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While that would probably work fine for display and layout, but it doesn't work so well with the semantic document model that the web is built on. For example accessibility would suffer greatly unless every "jquery" (using your analogy) out there were to implement its own accessibility. (That's not to say things are absolutely peachy wrt. accessibility these days, but they'd get a lot worse if everybody had to implem…
I don't know if developers even care about semantic markup anymore, just have your 5 meg of JavaScript squirt out a bundle of divs and to hell with accessibility.
It's very very not ready yet, but I'd appreciate some pointers or PRs.