"Two years of dabbling and experimentation and it’s mostly just been changing itself (so as to become even barely usable in capital markets)."
If it is moving from a distributed model to a shared model it is moving away from blocks. If it is moving from a distributed to a centralised model is its integrity compromised?
The more it moves these ways the less disruptive it comes and the more you will have to question its widespread use rather than niche use cases.
In which case the question evolves into "Will it have been worth it economically?" Compare that with the findings in the report below.
“Blockchain is likely to be first implemented in commercial lines than in personal lines since the former are not affected by privacy issues such as the right to be forgotten recognised in the GDPR, which is at odds with the immutability of Blockchain. Blockchain has also great potential in the reinsurance business and for risk transfers in intra-group transactions; this is the approach that is being tested by a private Blockchain consortium of large European insurance and reinsurance undertakings.” (1)