The main issue is the overall efficiency of the process. Creating hydrogen by electrolysis is about 80% and then a fuel cell electric efficiency is 60-70%. So overall the whole process is not very good.
In both cases the volumetric density is still quite poor, cryogenic is about 70g/l, which is actually less than the weight of hydrogen chemically bound in a liter of gasoline.
There exists some concepts of storing hydrogen chemically bound, e.g. to hydrocarbons or metal hydrites which release the gas on high temperatures (100-200°C).
Even 48% of a no-string-attached gift is a gift.