alt Hacker News> The way I'm used to this sort of thing happening is some company brings in a new proprietary standard, makes bank, then all the competition bands together to form an open standard to try and stop them. There is a bit of a tick-tock feeling as consortiums use more open and accessible standards to slowly lever power away from incumbents.
And that leaves you with two standards (at least), non interoperable between them. In the case of hardware this can be really annoying, constraining and inefficient both for consumers and at large.
How likely is it that that can be avoided if, as in this context, the starting point is the current standard not being that great? It pretty much has to end in 2 different competing standards. Or there can be 2 different flavours of the existing standard which are quite likely to break interoperability and make reusing the name an annoyance rather than a help.
A downside of existing standards is it means it is quite hard to innovate on them.