"Let's take a butcher shop with half-a-dozen...compressors..."
The trouble is the gap between these imaginary problems and reality. Devices often don't fail gradually in some mensurable way that suits the IoT sales scenario. Even if the compressor flashes a red light (which doesn't need IoT) to warn of a forthcoming failure, the butcher will do what we all do: he'll wait, hoping it will work until he has time to fix it, a time which will likely never come. It won't be fixed until it breaks altogether, whether that's this Christmas or next.