I think the adoption of immersive audio formats is tightly linked to the effect of critical mass. Critical mass of records. Critical mass of gear.
Indeed, listening to a well-mixed Dolby Atmos record through an audio system built to Dolby specs is very pleasant, and in some ways superior to stereo experience on any system imaginable. Like Sergeant Pepper's I once heard at Dolby headquarters.
Still, even though I have a decent Dolby Atmos system at home, most of records I like listening to are still in stereo, and most of those are not likely to ever be remixed.
I tend to think that online audio suppressed the timely adoption of physical multi-channel audio media, such as SACD. Just when SACD hobby were becoming interesting, the ability to listen to almost any stereo-recorded music mankind ever produced, for a reasonable fee, overrode the enjoyment derived from a limited selection of SACD records.