Various companies "donate" massive resources to design standards with the assumption that they'll profit from those standards later. Royalty-free/open-source standards do not support that kind of quid pro quo so they'd have to be developed by governments, universities, or "benevolent" monopolies like Google. Maybe this would be worth it and maybe not.
Western companies like Qualcomm absolutely do not want standards to be open source. When some people talk about how "China is winning 5G" they are ignoring the phones themselves.