HE/FHE is a good building block for software obfuscation. It is kind of game changing in a subtle but powerful way. You gut instinct is right. The power comes

HE/FHE is a good building block for software obfuscation. It is kind of game changing in a subtle but powerful way. You gut instinct is right. The power comes from its close relation to the theory of computation. And this is the thing that drives our lives today. The drawback is that HE imposes performance degradation. So its practical usage is somewhat limited, but still it promises immense returns for software publishers / consumers as the technology progresses.