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They've been investing heavily into this over the last 2 releases, but it's just that SideFX is a really small company. I think they have 50 people or so right now. Karma is way more accurate than Cycles, but slow. Karma XPU is a mixed bag.
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The question is why don’t they integrate cycles? I mean I have a random app for home planning on macOS and even that comes with Cycles as the rendering engine. Can’t be that hard.
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Cycles is getting direct code contributions from all major hardware vendors.
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The thing is, Cycles is fully open sourced... so there is no real secret behind it!
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Interesting, maybe major customers are insisting on other features ?
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I suppose that's the main reason as Houdini's real customers are those who can afford huge render farms. Even before Karma, Houdini's renderer (Mantra) wasn't known for its speed.

That's quite a bummer for me, an indie user. With the foundation Houdini has established, they probably could've released a real time viewport composition before Blender. But at the end of the day it doesn't make a lot of business sense for SideFX to care about users like me.

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