That's true. However, I also note this: This specification is a work product of the W3C Digital Verification Community Group [1] and the W3C Credentials

That's true. However, I also note this: This specification is a work product of the W3C Digital Verification Community Group [1] and the W3C Credentials Community Group [2]. Feedback related to this specification should be logged in the issue tracker [3] or be sent to public-credentials@w3.org [4]. So, while it isn't (at least thus far) an IETF WG RFC, it comes from a W3C "Community Group" – which is a step below even a W3C Working Group, yet simultaneously a step above "J. Random Hacker has some idiosyncratic ideas and decides to upload them as an Internet Draft" or even "MegaCorp has invented a proprietary standard to meet the specific needs of their product and now wants it published unchanged as an RFC to give them an advantage over their competitors"