Yeah, I still have yet to try Wayland (Xfce user here, which I expect may never port), and I never really got the hype. I honestly just don't get all the gripe people have about X11. I think all the current problems (including the security issues) are solvable through new extensions, if someone wanted to take the time to work them out. Given that But no, it's better to throw everything out, start from scratch, create a ton of new work for people, and 12 years later still not have displaced X11.
Put another way: do we truly believe that in 12+ years, some motivated hackers couldn't evolve X11 into something better? I get that many of the people involved were burnt out on it, and sure, no one (myself included) stepped up to the plate, but it doesn't seem plausible to me that X11 and Xorg are lost causes.