>IoT is the new cocaine, something for those with far too much disposable income to waste their money on
I'd say that 'IoT' is the new late-1970s home microcomputer. Not really productive, expensive, interesting for some to play with. Those who do play with it might have a head start when it becomes mre mainstream.
As a concept it is mature in industry, in the homes of the stupidly wealthy (the high-end propriety stuff) and even in our cars (sensors and actuators on doors and windows, etc). Okay, these applications often use CANBUS or whatever and not IP, you get the idea... it's still packet-based with addressable modules.
In our homes it is in its infancy - often insecure, and the preserve of hobbyists as denoted by a 'special' aisle in Maplins.