Based on the comments so far, I think I'm in the minority who think this would be a good feature for the web. This proposal might not be perfect, but I think the idea is great. There's lots of good reasons to semantically want to embed a 3d model in a page, like any other type of media. Say you're writing a course explaining how differential gears work - a 3d model of that could be really handy to look at to learn. A…
3D models are very variable: some are defined with just triangles, some include quads, some are NURBS or subdivision surfaces. Sometimes two sides per polygon are considered, sometimes just one. Ways of navigating a 3D model also vary wildly. Sometimes you just want to pivot/rotate them around a little, but sometimes "walking" inside them makes more sense. Then there are materials and lights, and here people go wild…
Now with native video, there are still precious few instances where it's just the browser's native video widget. In basically all serious commercial scenarios, there's at least custom player chrome, navigation buttons, overlays, JavaScript to pause the video and play an unskippable interstitial, etc etc.
I would argue that the current state of affairs for 3D viewers is closer to the current state of affairs for video than it is to the Flash player story of 15 years ago. No, there is no explicit "model viewer" widget, but you could just as easily argue that WebGL canvas is to 3D content what is to h264 and webm content.