It has given us good specs fixed in stone you could develop against and be sure that your code could still work in the next decade, thing XML or XSLT. Stable specs are also good for legislators and regulators, for they have the ability to pinpoint names and versions like "The minimum accessibility level for public websites is WCAG 2.0 level AA" instead of "all public websites must have a minimum level of accessibility".
We can debate whether the W3C model is good for a spec like HTML that is subject to so many business interests, but what standardisation model has been good for many other specs.