re: What reasonable explanation?
Wave is, for now, the only player willing to bet the company on what so far has been a huge money pit. They are about bled dry because of it.
when/if this particular approach gains traction, there are others who will enter, knowing it is at least not a money-losing proposition. Others with the wherewithall to squash Wave like a bug.
I believe that TPM-management will not be the "killer" TC approach.
The TPM will disappear from the motherboard. Management will be far more integrated into the OS than anything Wave can muster.
But, honestly, I do not believe Wave will be around as an ongoing entity to see this play out.
I know you disagree. Doesn't bother me a bit.