There are several reasons to this but imo it all comes down to one main: money/markets HATE fragmentation. What markets love is frictionless flow. You can see IBC as the incarnation of this, in a way, building an easy multi-chain universe. I see the other half of the medal: fragmentic what could be a monolithic experience in a thousands micro ecosystems and adding useless painpoints. Just like Polkadot, Ethereum L2s and the current state of the industry as a whole. There are too many chains. The issue is aggravated by the fact that each of them competes against the others via token incentives, in a race to zero to acquire mercenary capital that should - in theory - help them kickstart the capital flywheel, but in practice does not, because there is actually no differentiated vision or moat. This doesn't mean that a multi-chain system doesn't make sense at all or that we should all be trading on Ethereum mainnet. There is a merit to have multiple chains, there is an obvious pmf in capturing part of the flow with a business-chain such as Base or Ink or BSC, there are tons of other reasons why you would want a faster more scaled chain on top of something else, inheriting its security etc etc... Anyway, i'm going offtopic, so basically Cosmos was an unnecessary complication of an already not perfect reality. Sometimes we, me included, fall in love with concepts and theories more than the practical reality, but let's focus on delivering a better UX not a worse one.