As for who would buy into a system like this initially? Lots of Asian manufacturers that aren't interesting in being software companies, and would rather give you some standard firmware that you can tie into some other management console or replace with what you want.
I simply think the real it turns out somewhat different. Sadly.
It's hard for any one company to compete with Google or Apple when they decide to make their own standard and it's semi (or totally) proprietary, but then there's hardware and manufacturing it's harder to be totally dominant. If there's hundreds of companies that all do it a standard way, there's a lot less use in being the one company that's not compliant. There just needs to be something for all those other companies to target.
That's not to say it succeed, but if there's a chance, I think it's worth it to try.
We called that SNMP. Unfortunately, it was embraced and extended to death. It wasn't a bad idea though.
The trick is, how do you get everyone to play fair, when there's incentive not to?