It fails not for technical reasons. It fails because of widespread tech illiteracy in the general population.
We've largely solved the issue with things like magnet links and decentralized databases.
The issue we still haven't solved is in our mind: We believe everyone needs to have "tech literacy", completely forgetting that every invention in history became successful only after someone made it easy to use for people without learning all the mechanical details about it. When only car mechanics could drive a car, the total number of cars in the world was less than that in your local shopping malls parking lot today. Is that change because cars became more easy to use, or because more people became car mechanics? Take a guess.