The problem with DVI is twofold:
First, font support is purely by reference which means that you need some way of connecting the fonts used in the document with the DVI file. Use of the wrong font could produce some spectacularly bad output.
Second, graphical support, other than rectangular boxes is only handled through the xxx opcode which never had any standardized meaning (although I tried). This limitation also applied to colors. Really, it was only with the final victory of PDF as the universal document format that these limitations were finally ameliorated.
Html back then had the same limitations.
I would never advocate for DVI today.
In 1993/94 ? It was a much stronger candidate, and given that any DVI (including images) could be rendered into PDF (or whatever), its supposed technical limitations at that time were not of much significance.