It took that long because nothing it does now was ever a requirement. It was created as serial/parallel port replacement (fun fact - max speed parallel port is faster than USB 1.1, at ~2.5MB/s).

If we designed it now it would be up to 48V from the get go, USB-PD only (there is zero reason for static modes aside from fallback 5V for simple gadgets) and be just a PCIe transport . USB to HDMI could just be a single chip that does PCIe framebuffer device.