This was an excellent question and an excellent answer from the Ranking member of the House Financial Services committee Patrick McHenry. This is the same committee which asked my question about banning of crypto adverts amost 2 years ago.
Giving an excellent answer to the question "What is Web 3.0?" is the CEO of the Bitfury Group, Brian P. Brooks. Bitfury is "the leading full service bitcoin and blockchain technology company".
The answer glosses over the vast extraction and concentration of wealth which companies like Google and Facebook have achieved by monetising the work, attention and personal information of all of us over the last two decades.
There's a big essay on this which @apshamilton and I need to publish.