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Two things come to mind here. First is Miracast, which was a similar idea by a similarly named group, the Wi-Fi Alliance, which was meant to standardize wireless video. I bought a portable projector that utilized it, which then became essentially a paperweight for wireless use when Miracast was suddenly dropped.

The second is that this sounds like a great opportunity for malware and hackers to infiltrate smart devices even more, as if things aren't enough of a total mess.

I'm all for standardization and getting rid of proprietary crap that makes things difficult or prevents things from being possible, but I don't have a great feeling about this.