There was a company out of Quebec that was trying to commercialize making clothing with the fibers from the seed pods. They're not quite long enough to spin, but they make an excellent substitute for down for stuffing.
I have to wonder if some good old fashioned selective breeding could produce a milkweed variety that produces fiber in the pods suitable for textile industry.
The fiber on the silk from the mature pods is too short and lacks the scales that cotton has to make it useful for textiles. It is the bast fibers from the stems that make fairly good fiber but the moisture content is very high so unlike flax the fiber tends to just rot during retting.
Which seems promising to me, at least.
Again it seems like a plant that with some smart old fashioned selective breeding could be made a lot more useful. But that kind of horticultural work has on the whole fallen out of fashion, it seems.