Having used a few, I agree there's room for improvement.

> the assumption that complexity of layout and density of information, much less relevance, are mutual opposites isn't valid

I agree, but has anyone claimed that there is a correlation between a page's complexity and the quality of its information?

My experience has been that the folks who willingly disable javascript, use niche minimalist search engines and browsers, or otherwise prioritize a minimal ("smol") web experience are acutely aware that they are making a tradeoff. They sacrifice access to a significant fraction of the overall web including many high quality pages in exchange for a user experience they prefer.

Like many who have tried it, I found the experience too limiting, but I appreciate what they're doing. If nothing else, their efforts are making the web better for people who rely on accessibility technology and are forced to make such tradeoffs.