Why can't we have IoT from 2005? but begin now,or future? In 2005,ITU announce the "IoT",but why can't we have IoT at that time?

Is it because the speed of internet is not fast enough?wireless communication is not good at that time?Does anyone have some good reason which can explain that we just have the IoT concept in 2005,but we can not have the IoT in the real world at that time?
IoT requires inexpensive low-power communication. There were no solution with those 3 characteristics in 2005. Also, it was harder to monetize data so the perception was that IoT would never payback.