To me it has the advantage that jQuery had, the product if a single developer with a huge community behind him but no large company imposing their agenda on the framework.
When most people talk about React, they aren't talking the single library, but rather, the ecosystem of libraries that enable you to build applications. Most "frameworks" are just a collection of libraries too - the difference is in branding, and most frameworks are really just a pre-built package.json/Gemfile/etc.