If any other browser can use the exact same technology Google uses, then that's fine. That's how other technologies get adopted by browsers, too. As soon as most of them adopt one, then it usually becomes a standard.
Also, I'll give you a much worse example, that has already happened, rather than something that may happen in the future, like what you're suggesting - h.264. It "completely bypassed" the standards body as well. The standards body would've much rather used something open source and free, but since most browsers used h.264 for the video tag, and since 2 of the major browser makers, Microsoft and Apple, were unwilling to go with an open source codec, the standards body was forced to adopt h.264.
Also, I'll give you a much worse example, that has already happened, rather than something that may happen in the future, like what you're suggesting - h.264. It "completely bypassed" the standards body as well. The standards body would've much rather used something open source and free, but since most browsers used h.264 for the video tag, and since 2 of the major browser makers, Microsoft and Apple, were unwilling to go with an open source codec, the standards body was forced to adopt h.264.