It's great for document markup. But the web has moved beyond that and writing interactive applications has always been a serious of kludges to work around the fact that the web is ostensibly just a network of documents (apologies for the massive over simplification here - please bare with me on this....)
I will grant you that things have gotten better in recent years and I do agree that there isn't such thing as a perfect solution, but given we're in an era where desktop software is being fazed out in favour of web applications (and even some desktop software is now being written using web technologies - such as Electron) it really feels like we're going wholesale into using a stack of technologies that could be significantly improved if we redesigned it from the ground up taking into account:
* what we have learned form the last ~25 years of the web,
* the change in how the internet (in a broader sense) is consumed over the last 10 years
* all the lessons we've learned from the decades of desktop software development.
Plus removing all the legacy cruft which your sibling commenter highlighted has to be seen as a bonus too.
I'm not suggesting we get rid of HTML entirely, but maybe have a new programming language for the modern web - like how we have different programming languages for other areas of computing for when we have different problems we are trying to solve. eg Bash, Perl, Go and C can all be used to write CLI tools but you'd use them to target different problems.
I guess to an extent developers are trying to do this already with some of the massive tooling you get that compiles down to CSS, Javascript and so forth. Plus the experiments we see in web assembly are another example of developers trying to break free from the constraints of scripting stuff inside a document. But I'd rather see a secondary development platform that is native to the web and is more application aware and security conscious than our current situation of having to run vast and complex frameworks that still, ultimately, compile down to the same inconsistent and insecure platform that we're currently stuck with.
But as I said, this is just soapbox ranting. I couldn't see it changing without one of the powerhouses developing it largely in isolation and then we run the risk of walled gardens which - in my opinion at least - is worse than the current status quo.