The <select> element does not provide enough customization for web developers, which leads them to implement their own. These implementations can lead to reduced performance, reliability, and accessibility compared to the native form control elements. More on that is in Custom Control UI.
The 2020 MDN browser compatibility report had feedback that form controls are neither interoperable nor customizable. Customizable <select> will be fully interoperable and customizable.
The <select> element will continue to behave as it currently does unless it has the appearance:base-select CSS property. Based on standardization discussions, appearance:base-select must also be applied to the select::picker(select) pseudo-element in order to opt in the picker popup element. Previously proposed opt-ins included a new tag name, an additional HTML attribute, and the presence of a child <button> or <datalist>.
Customizable <select> is currently implemented behind a flag in Chromium. To use it, enable the Experimental Web Platform features flag in about:flags. Using chrome canary is recommended to get the latest state of the API.