Originally Web Components were a response to web developers waiting for years to HTML elements like date pickers and such to be added to the standard. With web components, it will be possible to create such elements once and integrate them with every front-end project just like you'd use e.g. a <select>.
Using them as a framework for building web applications has mostly been propagated by e.g. Polymer, but as I and many others who have tried it can attest: that doesn't work too well.
Still, for components I think Web Components will be a great addition, and should combine nicely with React.
Really I'm not sure what we're waiting for at this point. The only thing Web Components have really solved is component isolation, but that's not something folks really struggle with these days.
Frankly, not that much. Most of the APIs are still the same imperative you-can-only-do-one-thing-at-a-time hell, often with very limited capabilities compared to jQuery.
And yes, whoever made the decision to return NodeLists instead of arrays everywhere should at least re-evaluate whether they should really be doing programming.
The major thing still missing is upload/download progress.
Since I never really learned jQuery, I can't attest to how much of modern JavaScript is based off of it. But looking an a quick reference for jQuery, it's pretty obvious that a huge part of it did not become standard. So all of the time invested in learning those features is wasted. Any application using those features is permanently locked in to a nearly obsolete framework. And the owners of those applications is now forced to find developers who both know and admit to knowing jQuery knowing they'll be dooming themselves to supporting old legacy code.
I agree that state management/binding is hard, in general, but I'm sure that these Web Components helper libraries will be more and more sophisticated as time goes by. Also, isn't it pretty much standard to use redux/mobx for state management with React? Why not use these kinds of tools with Web Components? In the past I've used slots and symbols to communicate between parents and children without exposing all the guts of my components.
Aside from that, there's not really any good reason I can see that React itself couldn't/shouldn't support Web Components at some point soon.
The whole point of Web Components is that all of the innards of components are completely encapsulated in a component, the 'client' of a component only cares about setting its attributes and responding to the events that it emits. (And perhaps supplying external styles.)
I also think your claim of having to use 3rd party libraries for anything non-trivial is false, but let's ignore that for now.
In that sense, web components aren't meant to compete with react and other frameworks, but to serve as an alternate, native foundational layer for frameworks.
For real, try to build a form with React, then try to build the same form with Web Components. It's a nightmare going from controlled inputs to manual DOM fiddling. Even just telling the parent component about the form submission means creating and dispatching your own event!
Is the point of Web Components to service frameworks? I really don't see who the intended audience is, because any half decent framework is infinitely simpler to work with.