Secure IoT is worth playing for.
Generic IoT is a race to the bottom and will be won by the Chinese because they will effectively buy market share through subsidy.
The only exception to this are the highly regulated spaces e.g. military, aerospace, automotive, medical and critical civil infrastructure. In these then there is a clear need for cost-effective and secure products, and it may be that the 'kitchen sink' Pelion approach is overkill and we can move much faster with more nimble technology.