I think the issue is that IoT is not really broadly useful for normal people. IoT devices have been a big thing in the manufacturing/industrial sector for a wh

I think the issue is that IoT is not really broadly useful for normal people. IoT devices have been a big thing in the manufacturing/industrial sector for a while now, because collecting telemetry on equipment is extremely valuable. The growth in ML has been a huge value-add in the sector. I can't really see the value in IoT devices for the consumer market. There are niche applications which may appeal to a small group, for example security systems or climate control. But, for the most part, there's really no obvious "killer app" for consumer IoT devices. The few ideas with potential are already getting integrated into the iOS ecosystem (health monitors).