You have a point but it’s pretty clear that most companies don’t care about PWAs and the ones that have PWAs they treat as a funnel to their App Store application. It’s pretty clear that the industry doesn’t want PWAs, it wants easier ways to get users to install their native application. This is a pretty decent solution.
Instead of downloading a 10mb App Clip you just go to a url that uses some standards to login/access-payments. Done.
What more do App Clips do that couldn't be done in a much more interoperable and standardized way?