Early 2017, when Bitcoin was fighting over the blockchain size debate, people started looking for alternatives. At some point, some started noticing that Ethereum was an objectively better technology; not in a trivial sense like "it has faster transactions", but in a fundamental level: Bitcoin's inability to execute computer programs made it incapable of settling non-trivial monetary exchanges in a decentralized way, resulting in an ecossystem that was nothing but a constellation of centralized services on top of a decentralized balance tracker. This realization caused many to speculate that Ethereum would eventually overcome Bitcoin, at least under the assumption that the market would seek a fully decentralized economy, and not just a big fat decentralized store of value. Of course, this belief was speculative, but it was a strong enough case to cause Ethereum to almost surpass Bitcoin back then. Fast forward a few years, Ethereum is now sitting at a boring 11% of Bitcoin's market cap with no signs of revival.
My question is: what changed? Is the market betting that people won't care about decentralized economics and that a decentralized store of value will be enough? Is the Ethereum network losing its momentum or is it inferior in any sense? Are there competitors to Ethereum itself with a huge potential of overcoming it? Is 11% of Bitcoin's market cap a fair price for the only alternative currency with a non-negligible potential of overcoming it?