Magic will be gone when there is no mass adoption due to bad UX. And UX is not that good right now.
It could theoretically fail in the IM space and still succeed in the data sharing space. For instance, you could build an Activitypub-like ecosystem on top of it.
THIS is one of the main reasons that I'm such a fan of the matrix protocol. Yes, the chat use case is by far - for now - the most popular direction...but i can envision many other use cases (not just, say, for IoT devices)!