I think it would be absolutely incredible to peruse old blogs and websites from a century ago. Clippings from 75 year old newspapers or letters are interesting for plenty of reasons. The cost of things; The news of the day; The writing style. Imagine direct access to this sort of content from 750 years ago!
The Wayback Machine is great, but it's basically a hack. Archiving shouldn't depend on a single centralized entity occasionally crawling the web and saving chunks of it to its archive (but only what it finds during the crawl, and excluding content with large file sizes, such as videos).
It ought to be built into the architecture of the Web, decentralized, immediate, and (at least for small file sizes) on by default. Oh, and censorship-resistant. Even for large file sizes, I think there ought to be some very easy-to-use mechanism to donate either hard disk space or money to publicly archive content of your choice.
Those are lofty goals, of course, but the current web has is quite vulnerable to bitrot as it is, and there's no guarantee the Internet Archive will continue to operate indefinitely.
Are there any other Web archives with scope comparable to the Wayback Machine? I have not heard of any. I guess there may be private archives which are not publicly known or accessible.