The former; I think there's simply not the capacity to build the infrastructure that would be required to significantly improve the current tech as much as is expected (and there may never be the capacity to build that much infrastructure).

There's a whole lot of circular funding being passed among the same dozen or so companies right now with very little actual construction or assets to show for it and at some point someone will be holding the bag when actual money is called for, and nobody wants it to be them. The parallels with both 2008 and the '90s S&L crisis are troubling.

"they're not even trying to catch up"