I sincerely believe you need much more than one billion tokens to rewrite the entire PDF dependency stack in a memory safe language. I think you underestimate how many features PDF has.
Seriously though, I wonder why nobody really attempted to dethrone PDF yet. How hard can it be (famous last words) to design a document format that allows what people generally expect from a PDF, but without the multimedia and interactive parts that are dangerous?
It's sandboxed, not in a VM but using the *OS sandbox/seatbelt. Running all renderers in a separate VM on a consumer phone sounds like a terrible time when you need to stay competitive regarding performance, responsiveness, etc.