Maybe that's the real reason we don't have it yet.
You're probably right about that.
While I don't really believe this, it wouldn't surprise me if, in the future, there was a big news story about how the cold fusion guys were right, all along. Why? Just think about how the world's power structure would change, if it was real. Demand for fossil fuels would drop to maybe 10% of what it is now, almost overnight... power companies would be out of business... and so on. Portable fusion reactors would dramatically transform the world, so there's plenty of incentive for the powers that be to supress such a technology.