The technology is insufficient but necessary. Users want features. Open standards that allow implementation of those features are a (small) but necessary part of the solution.
They want more than just features, they want to get them for "free."
We've had equivalent standards in the late 90's and early 2000's (RSS, ATOM, XML-RPC pingbacks, etc.), had open/free code for that (MovableType and WordPress) and yet personal blogging mostly died because it was easier to just post on Facebook and there was a bigger audience there.
Facebook from that perspective is "free," as in no software to install, no updates to do and no servers to pay for. Running your own install of some blogging software entails paying for it, having a lower audience and having to handle software updates (and database upgrades, plugin upgrades, templates, etc.).
These services could all still be provided for "free" and still follow open standards. Just like email is an open standard yet we all still use "free" Gmail.
The success of Facebook is that they offered these services in a very user friendly manner and for "free". The tragedy of Facebook is that their implementations are a proprietary walled garden, and now pretty much a monopoly.
Gmail, and other big email providers, are exactly what we don't want these open/free social media protocols to become. Gmail reads your emails regurgitates them as AdSense.
Personally, I think we need to be encouraging people to pay small fees for services. A dollar a month to use Twitter? Sure! $20 a year to use Gmail minus the data mining? No problem.
There are certainly adopters, some (who even leverage plugins such as via wordpress) may not even know that they're adopters. If you're interested, i encourage you to follow along in the discussion (through various means - e.g. irc, matrix, etc.): https://indieweb.org/discuss
