The interesting space is really post-HTML UI/document tech. There's another thread running about Typst which is a sort of better LaTeX. Markdown was highly impactful. There's a lot of scope for people to do interesting things in this space that are "HTML but better". It doesn't even have to be a markup format - Typst and React HTML both blur the lines between code and data. Jetpack Compose shows how to use Kotlin's DSL features to make something that looks a bit like a UI description but which is actually code.
Of course it means you have to then either distribute a 'browser' for your format, or find a way to display it in the browser. But compiling down to some JS/HTML/WASM thing is certainly possible. You can also use portable GUI toolkits like JavaFX; that also gives you accessibility. Or do both!
Once you define your own UI language there's a lot of scope to try things that HTML doesn't do well. An obvious one is separation of content and style. HTML tried and never really got there. XSL:T tried harder but was a weird pure functional language with XML as its syntax. React does quite well with going JSON->boxes but the underlying protocols are always ad-hoc and tacked on, so you can't really write useful tooling on top of that.
Another idea would be a format that's natively immune to XSS.
Andreas Kling, the author of Ladybird browser, proves otherwise.
There is also QML as an alternative for HTML - see Canonic browser: https://www.canonic.com