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Completely agree except the light argument -- having my lights cloud connected allows me to control them remotely. The main use for this is for time or sunrise/sunset scheduling. However you could quite easily architecture this without cloud connectivity, it seems easiest to keep the bulb dumb and keep the 'smarts' elsewhere (whether that's on a phone locally or a server in the cloud).

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Scheduling isn't stock market, you don't need a live feed for that. All such a bulb needs is an accurate date and time source - the rest, including (if you also add one-time geographical area input) the sunrise/sunset times can be determined with a little bit of trivial math on the uC that said "smart" bulb already has.

All that IoT stuff doesn't need Internet access. Hell, most of it doesn't need much of a network at all, but just having them default to intranet would deliver all the value without the problems (and the rent-seeking).

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