In my opinion it's the lack of demand. Perhaps Hive is seen as a bit of closed circle. Not very open to rest of the crypto space although it's the crypto people we should be trying to get in. Besides Inleo, can't see other dapps reaching out that much.

DeFi, NFTs, memecoins, AI solutions are things that attract people to chains. Hive is falling behind in every sector.

I'll probably come up with more reasons tomorrow.