I hate PDFs, but if I want to read a document I've stored in print fidelity from the 80s on my phone, Liquid is rock solid.
In the digital realm though, a PDF should also be accessible to screenreaders for the blind, people with sight problems (increased fonts, contrast), dyslexia, etc. Those already require alternative representations.
And of course nothing bad about having the best of both worlds! A format that is pixel perfect when you want it too, and adaptable for easier reading when you don't.
It does not sound like the goal is device-dependent rendering, though. This is exactly parallel to Reader Mode, which is a temporary user toggle. The goal of PDF is still to produce documents that mirror print-ready layouts, something that HTML has never really accomplished. Whether you want to consume the documents that way will now be up to you.
Say that to those who create PDF files for things that should be web pages. That behavior is not going to stop anytime soon.
https://en.wikipedia.org/wiki/Comparison_of_e-book_formats
(spoiler, most of them are HTML/CSS)