So yes, I do think it'll work.
React is the dominant client-side web framework, but its preferred template syntax has a method for inserting components into the document which is totally different from the "standard" (and Ember) way of doing things. JSX uses CapitalizedComponentNames, while the standard uses dasherized-component-names. JSX has self-closing tags with slashes before the closing angle bracket, while the standard does not.
There are perhaps tens of thousands of devs using React, Preact, and Inferno. How can these differences be smoothed over in order to enable universal web components?
Reusable = Reusable within ONE family of applications using a similar stack. That's already pretty nice.
UX guidelines keep evolving too and it will remain a business advantage to be able to provide a better experience (and quickly so) than your competitors. Who seriously like the crappy <select> or <input type="date"> desktop web browsers provide?
There are react components that provide a good experience that replicates the features of most built ins, but it's a constantly moving target considering native widgets vary between platforms.
In general I agree with you and gp though. I would love for web components to one day be the standard but I'll believe it when I see it.
Even within a community using the same framework or library, there is disagreement on how to solve certain problems. For example, the folks behind React Router removed parsing of querystrings, because people wanted the flexibilty of using alternative solutions [0].
It's hard to imagine something more trivial than parsing querystrings, yet no consensus exists among users of the same library (which itself is not officially-sanctioned by FB yet, and even React, while stronger than other libraries, is not loved and used by all client-side web devs) on how to do it best.
Yet people think someday in the near future, these differences will just disappear magically, and we will be able to author web components that snap--like Lego bricks--into whatever environment a developer wants?
[0] https://github.com/ReactTraining/react-router/issues/4410