Apparently it is a disaster that is happening now. No waiting needed.
Personally I'm quite happy about all this. IoT is snake oil, made by ignorant companies forcing coders to do insane things without ever thinking about consequences.
The quicker the fecal matter hits the wildly spinning distribution apparatus, the quicker the whole thing will get shot in the leg to hobble off to the landfill where it belongs.
Then, maybe, we'll have a second generation of IoT that will a) actually be useful and b) be carefully thought out, thoroughly tested and tried IRL before getting sold on the open market.
This is not IT. The excuse that people are not savvy enough to understand what admin rights mean does not apply. This is people buying a fridge to replace a fridge, then finding out that it connected wirelessly and ordered a thousand gallons of milk because bug.
Nobody can go to court over an encrypted drive. You cry and eat the loss. But that ? They will be royally pissed about it, and have the goods to go to court. Having an EULA stating that the maker is not responsible for any loss of product will not stand in court, you can bet on that.
This will end in tears, mark my words.