Block Protocol is a new way to build reusable, data driven block of web content. It seems like web components would be a natural fit for this protocol as you can author in any language that renders to HTML.
There's a structure to each block that allows it to be embedded, combined, and shared in a way that lets you use it beyond a single web page. The idea is very intriguing, and I bet many blocks will be created using web components - if it's compatible with the protocol.
The spec calls out web components as one way to implement.
This seems very interesting to me, but I'm not sure how much traction this has yet. It seems very early to tell, but if you give it a try please let me know in the comments!