Lots of comments talking about how existing browsers can already do this, but the big benefit that current browsers can't give you is the sheer level of speed and efficiency that a highly restricted "lite web" browser could achieve, especially if the restrictions are made with efficiency in mind.

The embedded use case is obvious, but it'd also be excellent for things like documentation — with such a browser you could probably have a dozen+ doc pages open with resource usage below that of a single regular browser tab. Perfect for things that you have sitting open for long periods of time.