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I've been saying for years IoT is pretty pointless.

I think the lack of purpose and added value is at the core of the lack of security. If the benefits or IoT tat are small, so's the value that can be garnered commercially. And if the volume or margins are slim, the development budget will be tiny. We've seen enough security vulnerability on higher value products (eg wireless car keys for premium makes) to know that security can be weak even when people do think about it.

Now imagine what the budget and effort for security will be when some spotty startup goes begging for VC funding to develop an IoT lighbulb, a smart thermostat, or an internet connected goatee trimmer? The VCs don't care - all they need is to prove the concept sufficiently to sell onto a greater fool.