The problem, as you've pointed out, is that electron apps are bloated and slow. If they became the default and my editor, chat client, terminal, and everything else that I keep open were just thin layers around web applications, I'd rather figure out a way to move things into a browser rather than pull a piece of the browser out to wrap these applications.
Blitz (https://github.com/DioxusLabs/blitz) is exactly that. It's a new custom browser engine supporting standard HTML/CSS with a native Rust API (and optional integration with Dioxus which is a React-like UI framework in Rust). Baseline binary sizes are around 10mb.
We share a few components with Servo (Stylo the CSS engine (also shared with Firefox), and html5ever the HTML parser), but we've built a bunch ourselves too: notably we have our own layout engine, DOM tree and event handling. Servo is unfortunately tightly coupled with SpiderMonkey, and there is little prospect of removing that dependency in the short term.
I would also note that native toolkits (SwiftUI, etc) tend to also use at least ~100mb RAM these days. A lot of that is unavoidable if the app is actually visible, due to modern screen resolutions being so high.