IoT could be great, but can't be created by capitalism. If you hand e.g. Town Planning to the Ku Klux Klan and they just use it to screw over black people, that doesn't mean town planning is bad, it means the KKK are bad and shouldn't be trusted with jack shit.

The problem with the IoT is that the convenience/feature gains are marginal and commodifiable, whereas the gains from selling data are massive and direct to the manufacturer. Also there's every incentive to lock down your ecosystem and avoid compatibility with competitors, and there's no incentive to invest in security either.