A couple of years ago I was involved with a project doing verification of a custom CPU design for IoT purposes based on the 6502. There were a lot of frustrated discussions in the breakroom as we couldn't really see the point of the customness of this technology. Should we tell the client? In the end we didn't and the client went bust before paying our invoice.
Yes, the thing about temperature sensors and the like is that they're just a wireless peripheral. Eventually one of the competing standards will win (6lowpan?) and they can be as commoditised as bluetooth headsets. The important thing about IoT is turning a demo gimmick into a value proposition with satisfactory UX. Home automation has been around as a concept for years and remained a niche.
There might be a market in custom hardware for "security done right" for IoT. Never mind changing the batteries, I don't want to have to update the firmware in my lightbulbs (or doorlocks!) every few weeks due to exploits.
(I could write a whole other post agreeing with you about how HDLs are universally awful)