You seem to not have read the announcements and comments of the people involved. This is to build on and extend existing W3C standards where possible and create new ones that "will be submitted to the W3C" in draft form and standardized there where none exist yet.
No "14 competing standards" anywhere there. And surely you agree that any competition to OOXML is also wrongdoing, right? If not, there may even be the case where the *one* existing similar standard is not the right one to go with in the end. But there's still a difference between one and fourteen even in this case, and most of the areas the WebAPI team tackles are about working with existing standards or creating entirely new web standards (there are not a lot of *web* standards for such things at all).