Even distributed protocols aren't a silver bullet. Embrace and extend can make short work of that. As can joining standards boards and playing political games. As can simply turning off federation.

Sometimes I think HTTP and SMTP are only limping along because there's a large enough enterprise base that doesn't want to see any changes at all.

Maybe that presents a defense (get your competing protocol entrenched in corporate IT), but not many technologies get birthed out to the consumer space from the enterprise space the way http and smtp did.