If Wave were created by a smaller company, it would not have been able to garner that much hype and tech blogs ink and therefore wouldn't have attracted that many adopters. In fact, without Google's reputation, a small company creating such a product and protocol would be dismissed as too obscure and complicated.
I thought Wave was awesome when I tried it out with all my engineers friends. But then we somehow stopped, I didn't even remember how or when we stopped. Wave just seems like a really cool software that solves problem nobody has.