You're focusing on the consumer space. The big promise currently is elsewhere - sensors, automation, warehouses (for physical goods), and so forth. This is especially true for data collection in physically challenging environments, like mines.

This stuff is not necessarily tied to any cloud. There is a new term (wait for it), "the fog", that implies on-site data processing and analytics for all of these connected devices.

The funny part is the IoT is already here. Such systems are being deployed now in mining, oil and gas, etc.