What is flawed?
The difficulty arise from the complexity of the problems to solve.
In a x11 world, the assumption is that everything that a user runs is fully trusted, any software has access all the inputs, all the audio, everything that is displayed without any restriction. This wasn't a problem 30 years ago, but is quite a blocker for modern approach to security with granular permissions.
The architecture of x11 itself does not fit a modern graphical stack, some problem cannot be solved properly like monitors with different framerates, fractional scaling etc...
Wayland is just one part of the big efforts that are ongoing to address those issues. This impact the whole desktop ecosystem, it's a massive effort.
Wayland will replace X though indeed (coupled with other things) that's the intent.