Bittorrent offloaded the distributed search onto websites which routinely got sued or shutdown. Funnily enough, one of my big improvements to Gnutella in the first year of LimeWire was to drive out the website users because they were overwhelming the network upload capabilities without adding to them. That improved the 90% download failures in 2001 but interesting to wonder what if we had gone another way.
For me the biggest problem is authenticity. On most of the decentralized P2P networks of that time is that you never know what you are getting. Look for some Disney movie, get porn. Very common back in the days. Of course you also had all the malware, scams, etc... More generally, it didn't do much to incentive good behavior (sharing).
Bittorrent, with its private trackers had some accountability, ratios, etc... The protocol itself favors peers that give the most in return.
just found it on youtube now (https://www.youtube.com/watch?v=HSRLf30lj0M), and i'm excited to see another commenter was there for the same reason!
Fear and loathing in Las Vagas (took a week to download) = Granny porn. Sigh
Plus, always fun to get laughed for mistyping The Almond Brothers Band at 3am...