Thunderbolt 3 has the same practical speed as USB 3.2 Gen2x2 atm with most on market controllers & cables, both use the theoretical maximum number of lanes with the maximum theoretical transfer rate per lane with current high end Type-C cables(You need pretty short & thick cables to hit T3's theoretical max with copper), and both are designed to be usable simultaneously with the USB Power Delivery spec for upto 100W of power on active cables, but obviously they go about it in different ways suited for different applications, Thunderbolt could never be the defacto standard though because the reason USB maintains all the lower speed modes as part of the most recent specs is because for many devices the higher speed versions would blow the power budget massively while generally being massively overkill for the realistic transfer speeds from most hardware while also adding significantly to unnecessary cost.
Similarly, this is the thing stopping us from having truly cross compatible cables, for many applications a full-featured USB Type-C cable is overkill, particularly for just charging devices & stuff, and in order to keep costs reasonable bundled cables will often only provide the traditional USB2.0 spec wires within the Type-C cable or similar, but fortunately labeling is getting better for that.