Laypeople hear the term "biotech" and think of bionics, but most firms operate doing wet-lab work or synthesizing reagents/kits. The academic influence slows everything down and there is active discouragement of "outside the box" thinking. Consumer products are an afterthought for most firms.
I think the industry is capable of great things... eventually. But that success will come from a) an area with a much looser regulatory environment than the US, b) a team with a multidisciplinary background (most academics are too narrowly specialized to reliably see the "big picture" that is required to make commercially viable products) and c) a team with funding that far exceeds the current dollar figures we see for some start-ups.
Mass spec and NGS are technologies that have become drastically cheaper in recent years and could be consumer ready soon. It's just a matter of being the first person with the funding and desire to bring them to the mass market.