I did not argue that the IoT won't expand dramatically, or even that it is not the more important of the two technologies. However my point is that wearable computing can't possibly divorce itself from from the IoT. Any wearable object with the ability to collect and upload data falls into both categories. By that token, if wearable computing is not going to break away as its own thing, it will just become a small part of the internet of things.
Though I do suppose that the trend of pretending we can magically fit a smartphone into a watch or a pair of glasses is going to fizzle. However that was never really more that fantasy(I mean Google X is about taking technology they expect to have 10 years in the future and trying to build it now). In the meantime the more modest wearable computing devices we can actually build(like smart onesies and smart insulin pumps) have been continuing their steadily accelerating progress along with the rest of the IoT.