Outside of speculation, there really hasn't been a lot of killer apps for Web3. The added value of any one Web3 product hasn't outweighed the additional hassle to onboard or bootstrap. But it's also hard to always compare Web3 products with the most successful Web2 products. We could also ask: why did MySpace not make it, but Facebook did?

Maybe we just need to tone down our aspirations a little; not every Web3 project will become a 10bn one, and maybe it's just fine if a product exists that's cool and works and is just 1m mcap and it has its fans, but not because they expect to get rich, just because it's fun.