My guess is mainly that it's not sexy, it's a fairly niche thing. VC will look at it and say "what's your moat" until someone bites and decides that you do have

My guess is mainly that it's not sexy, it's a fairly niche thing. VC will look at it and say "what's your moat" until someone bites and decides that you do have a moat, at which point you'll be like Transfer Wise (now called Wise), basically an old product pretending to be innovative. I bet it could be done, just needs someone to take a punt. One could imagine a load of such niches. Come in, act like you're doing something new, get investment, capture market.