I agree with some of your points.
One thing you should calculate in is the legislation factor. Governments are paying more attention to privacy than ever. Once companies like facebook, google, amazon, apple are forced be open and transparent in the way they manage their customer's data, they will start looking for a solution.
Of course they can build their own coins to incentives their customers, but after the whole facebook privacy problems, do you think people will trust them? For a large part of the population the answer will probably be yes, but more and more people start to question the way companies are using their data.
Phuncoin could offer them an quick and easy way to be open and transparent and because it's another company they will have more trust in this solution and set up.
I agree that the company is still in an early stage developping and rolling out phuncoin, but for me that's good thing. Can you imagine being able to invest into facebook back when it was in a very early stage, years before their IPO?
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