We use SimpliSafe at work. It solves far more problems than the "commodity hardware" issue. It solves the alarm ecosystem and shitty contracts that legacy carriers like ADT trap you into. It's definitely a good model going forward, as you noted.
EDIT: Additionally, it solves a "boring" problem, which not many companies want to tackle. Yet there's tons and tons of stable recurring revenue in this space that requires almost no additional innovation. Just stability, no-bullshit, and good customer service.