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It's rubbish on anything other than a Web browser, and eBooks have nice features not in most web browsers.
A very navigable book via HTML is needing a lot of javascript and is slow. I made them nearly 15 years ago from Gutenberg books and books written by people I know so I could read them on a locked down Personal Media Player with a 4.3" screen.
A web page is like a scroll and true pagination needs either a custom browser or a server.
Long ago ebook formats added versions that used HTML and then CSS internally. An ebook file is really a zip file with HTML files, images, CSS files, cover image, Table of Contents and a list of all the files. An actual HTML only ebook format is a backward step. You'd need some method to package up the CSS, images, list of links to headings etc to be able to distribute it. You'd quickly end up with something like Mobi or epub. The newer Amazon AZW/KF8 is basically epub2 with proprietary Amazon DRM.
So don't bother re-inventing the wheel. The HTML websites are like Scrolls. The ebooks are already a packaged up HTML website, like the Codex (the 2000+ year old idea of cutting up the the scrolls into pages, which allows easier access), a book.
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