What sort of "horrifying protocols"? The entire VT220 state machine diagram can be printed on a single letter- or A4-sized sheet of paper. That's the complete "protocol" of that particular terminal (and of any emulator of it). Implementing the VT220 with a few small extensions (e.g., 256 colors or 24-bit colors) wouldn't be too onerous. I implemented such a parser myself in probably a few hundred lines of code, plus a bit more to do all of the rendering (drawing glyphs directly to a bitmapped display, with no libraries) and handling user input from a keyboard. You'd have a difficult time properly parsing and rendering a significant subset of HTML in less than a few _thousand_ lines of code.

Edit to add: terminal emulators often implement other terminals like VT420, but the VT220 is enough for the vast majority of terminal needs.