Honestly, that's basically happened, but just a generation later.
Most modern frameworks are doing very similar things under the hood. Svelte, SolidJS, and modern Vue (i.e. with Vapor mode) all basically do the same thing: they turn your template into an HTML string with holes in it, and then update those holes with dynamic data using signals to track when that data changes. Preact and Vue without Vapor mode also use signals to track reactivity, but use VDOM to rerender an entire component whenever a signal changes. And Angular is a bit different, but still generally moving over to using signals as the core reactivity mechanism.
The largest differences between these frameworks at this point is how they do templating (i.e. JSX vs HTML vs SFCs, and syntax differences), and the size of their ecosystems. Beyond that, they are all increasingly similar, and converging on very similar ideas.
The black sheep of the family here is React, which is doing basically the same thing it always did, although I notice even there that there are increasing numbers of libraries and tools that are basically "use signals with React".
I'd argue the signal-based concept fits really well with the DOM and browsers in general. Signals ensure that the internal application data stays consistent, but you can have DOM elements (or components) with their own state, like text boxes or accordions. And because with many of these frameworks, templates directly return DOM nodes rather than VDOM objects, you're generally working directly with browser APIs when necessary.
