That damn problem has to be around here somewhere
IoT seems to me to be largely a greed driven solution to a non-existent problem. It isn't that there aren't use cases. There just aren't enough use cases to justify the cost of developing good solutions. So the development money is going into expensive, (proprietary), vulnerable, high-margin toys. Standards probably won't do any harm and might do some good. But really, I think probably home automation is going to be a rather minor market segment until we get affordable robots that can actually do complex jobs like taking the trash out and scrubbing the bathtub -- without accidentally killing the pets or throwing out the mail. I should think that'll happen. But maybe not for another three or four decades.
And there really seem to be few good engineering reasons to make internet connection a core element to home automation rather than an optional feature.