What Happened to IOTA?

I remember back in the bull run of 2017, IOTA became a darling of innovation because it was one of the first respected cryptocurrencies that deviated from the blockchain family. Bitcoin (as well as ethereum) were having congestion issues driving up fees, and IOTA came along with promises to be able to process an infinitely scalable amount of transactions per second because it wasn't based on blockchain technology, but instead on a new idea they called the "Tangle".

I for one was very excited at the prospect, because it seemed like it was inevitable that scaling solutions were far away from being discovered by any of the major blockchain coins. In fact, these scaling solution still seem nowhere in sight. And I don't think it will be possible for there to be mass adoption of any coin until it can compete with the major payment processors like VISA, Western Union, Paypal, etc...I know there are coins that are working on resolving these issues, (some on-chain, and some as second-layer solutions), but the TPS of most crypto is still nowhere near where it needs to be.

I was hoping the IOTA foundation and the promise of the tangle was going to able to at least provide a road map for scalable solution, but I haven't heard much news or development from the project in quite some time. Did everything just fall apart after one of the founders, David Sonstabo, left the project? Is it just on its way to becoming a dead coin at this point? Or is there a positive future outlook for IOTA still?