I always feel the need to disagree with this.
The biggest "value add" in most of my "connected" stuff is the fact that I can access and manage it from outside the home.
Z-Wave light switches are nice, but being able to turn them off when I forgot to after i've left is a huge bonus (and taking it a step further and tracking my and my families phones and turning them all off when nobody is home automatically).
A thermostat I can control when I'm on the couch is a convenience, but a thermostat that notices when I'm at work or the store or a friends house and turns off during that time saves tons of money and energy.
A garage door that I can control from anywhere in my house is normal, but a garage door that I can have ensure it's closed when i'm not home, and that I can open for a friend that showed up to my house 20 minutes before I did is awesome.
I really do think that the "I" in IoT is absolutely necessary (in many cases, not all), but I agree with the rest of your points.
(before people start commenting on the tracking stuff, it's all implemented on a home-server where the phones literally "phone home" to that server, nothing is processed outside the house)