I think either replacing or accompanying the vanilla minecraft boat, there could be a more primitive dugout canoe, which can be crafted and hauled around.

Dugout canoes are, from what I understand, large logs that are split in half, debarked, and then a shallow groove is made in the center, which is then packed with twigs and set alight. The flames gradually hollow out the log, until it creates a large hollow space big enough for a person to fit in. The log is burned, extinguished, and then residue is scraped out, before tools are used manually to chop deeper into the log.

My idea was to assemble 3 or 4 logs in a horizontal line, which could then maybe be split in half with an axe? I'm not quite sure how this could be accomplished, but maybe all the logs in the line could be shift-right-clicked with the axe, then which you could repeatedly right click to chop the logs in half, creating a big multi-block. From this the process could begin, where the wood is debarked, and then a small groove is chopped in the center. I would imagine that this would provide a use for kindling which, as of now, is relatively useless. Kindling and tinder could be placed along the groove 3 or 4 times for each block, and then set alight. I imagine that the amount of time you wait for it to burn should take around 10 or so minutes, after which it could be scraped out for ash or charcoal flakes or something, and then it could be hollowed out with an axe, and then burned again, and after repeating this process a number of times, the canoe is done.

For a better picture of this, skip around these 3 videos to get a good idea of the process, minus all the real-life intricacies:
https://youtu.be/thD0V85Rs70
https://youtu.be/-I4zkHgdw2w
https://youtu.be/G8suyLb-ZTg

Alongside this, I think the canoe should be able to be rowed by multiple people, for multiplayer, to allow it to go faster. Maybe it could also be able to be stocked with items in crates, as a form of easier transportation. Maybe some canoe upgrades, if it were to completely replace the vanilla boat? Maybe a sail, or a more powerful oar made from tarred wood, or tarred wood attachments at the ends of the boat that allow it to go faster. In addition, I think that the canoe should be able to be equipped on the chestplate slot, and angle itself along your backside, which would allow it to be transported around, and provide a small amount of defense, but lightly slow you down.

One final detail to this monstrous suggestion, is the ability to stand on the canoe, even when you're not piloting it. In vanilla minecraft boats slide out from under you if you stand on them, but for the canoe I think you should be able to stand on them in order to fish or grab resources on riverbeds, or shoot at aquatic enemies.