Few companies operate on a scale of Facebook.

GraphQL makes sense in the narrow context of "you have a high latency end-user and you're pulling in deeply nested social graph data". It didn't need to be a general purpose framework, but you don't get to start your own company and talk at conventions about the clever API design you did at Facebook for Facebook-only problems. The incentives are for (a certain type of) developers to act like this solution is a panacea and sell it as a revolutionary new architecture.