The WiFi password will be there in any case, obfuscating it is not a big hurdle, and asking a secure element in a $30 lightbulb is unreasonable in a world where

The WiFi password will be there in any case, obfuscating it is not a big hurdle, and asking a secure element in a $30 lightbulb is unreasonable in a world where many PC still ship without a TPM chip. People sure should have a dedicated IoT network, but in the grand scheme of things, home networks are not usually that sensitive, as in no important yet unencrypted service will be exposed internally as it is typically the case in enterprise networks.