Why hasn't blockchain been able to land in the real world and achieve commercial use?

BTC——ETH——Pi
Since landing and commercial use are inevitable, after 15 years of development, why is blockchain still just a castle in the air?

Security, cost of use, convenience, scalability issues
Aside from security, BTC has no advantages in other aspects.
ETH performs relatively balanced in these areas and was the first to launch smart contracts, thus establishing a strong ecosystem in the crypto world. However, the costs for large-scale commercial applications are still high. So after so many years of building the ecosystem, it hasn't made significant progress in empowering real-world and commercial applications, and hasn't greatly promoted compliance.
SOL chain has low gas fees, is efficient and convenient, but lacks sufficient decentralization, security is lacking, and its rapid efficiency has become a meme hub, making it unsuitable for large-scale commercial applications.
Other chains are even less likely.

Consensus and credibility issues
BTC's consensus and credibility are unmatched.
ETH, SOL, and others are well known in the crypto circle, but for large-scale commercial applications, there is no strong consensus among ordinary people—only Bitcoin is recognized. Moreover, after ETH switched to POS, its consensus was significantly weakened, and it has gradually declined, making future growth unlikely.

Compliance issues, still compliance issues.
Due to concerns about challenging traditional finance, and because blockchain has yet to be practically implemented, it is not considered compliant; since non-compliance areas are everywhere, progress is slow.

To this day, blockchain can only stay at the most primitive level of crypto trading in the crypto circle. It also seems to have fallen into a vicious cycle.
And real practical applications have never made substantial progress—this is both a problem and an opportunity.

Over the past few years, Pi Network, despite being criticized internally and externally, has quietly ignored the noise and continued building...