There's a logistical problem with it. Most home Internet connections have asymmetric bandwidth. I.e. your download speed is much faster than your upload speed, which works great for browsing and watching videos.
However, if you want to have a meeting with N participants, the presenter's connection needs fit N independent outgoing video streams. Cloud-based services work around it by sending 1 outgoing stream to the server with a much better connection, that then forwards it to every other attendee.
The trouble is, someone needs to pay for that server. And since most people want videoconferencing to be free, that server would be either run by an enthusiast that will bail out once the traffic becomes noticeable, or by someone with a political agenda.
However, if you want to have a meeting with N participants, the presenter's connection needs fit N independent outgoing video streams. Cloud-based services work around it by sending 1 outgoing stream to the server with a much better connection, that then forwards it to every other attendee.
The trouble is, someone needs to pay for that server. And since most people want videoconferencing to be free, that server would be either run by an enthusiast that will bail out once the traffic becomes noticeable, or by someone with a political agenda.