If everyone was to do their own thing in cryptography, that would be very bad.
But committees are less intelligent than their individual members and are prone to evil and madness. Â IEEE 802.11 was stupid. If NIST was not stupid, it was because evil was calling the shots behind the scenes, overruling the stupid.
Linux was a success because Linus is unelected president of linux for life.
Let us follow Jon Callas as unelected president for life of symmetric cryptography, Daniel Bernstein as God King of asymmetric cryptography.
It might not mater if it’s a US based company. Everyone will assume that any company in the US has been strong armed to put a NSA back door in. US base IT is going to loose most of it’s clout.