Yet I think the utility of encryption is well-demonstrated, and not just theoretical. It can be used by good people to defend against adversarial intent. And it may well be that obfuscation (in its most direct application) has the same effect. (e.g. companies sharing proprietary algorithms for you to run at home, without revealing the secret sauce; or me delegating computation to AWS without revealing secrets)
Note that this is not why indistinguishability obfuscation (iO) is a crown jewel, here. Practically, iO is nowhere close to obfuscating anything larger than a tiny circuit. But it can still be useful to do things like obfuscate secret keys when designing cryptographic protocols. Theoretically, iO allows us to derive essentially every cryptographic primitive, which is why this paper is interesting, and why iO is called a crown jewel. And now, we can build iO for the first time from well-studied hardness assumptions.