Now, they enable applications to exist without going through app store gateways.
A new document-only protocol aligned the Web's original intention would be very useful simply for security reasons. I liked Gemini because, by design, a Gemini document is not executable in any way; there's no popups, plugins, or even cookies; all this is out of the box without having to manage settings, and Gemini documents are very readable without an app at all.
But replacing the modern browser rather than being another option will actually lock in people further than they already are-open protocols require apps which are all behind a gateway now on the primary computing device of users: phones.
It probably won't matter in a few years as the Web will likely be equally locked down soon, though.