The standard came out of Trezor, I believe, and they were not able to build a consortium of HWW companies to support it.
Incidentally, it's highly confusing to be an Uncle Jim, trying to help a family member make sense of their wallet, and they present what look like 3 20-word mnemonic keyphrases, but the software wallet is P2WPKH. Fam was lucky I even knew what Shamir was.