Not advocating for either, but I believe the term is intended to contrast with Web 2.0, which was services like YouTube and Facebook, that centralized content hosting and delivery away from people running their own web sites and putting it into corporate services that offered individual user profiles instead. Web 3.0 was intended to provide a similar level of convenience and not require all people to self-host in order to be producers as well as consumers, but without corporate entities having ultimate veto power over what can and can't be hosted and delivered.

The short version of that is it's not as decentralized as Web 1.0, what you describe, but it's not as centralized as Web 2.0.