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As a researcher in RWA space, actually I have some different view.
Actually for RWA it's still beginning and I believe there will be more to come in the short term, brewing takes time as we need to deal with legal, compliance business, and tech, unlike most of DeFi projects you only need to care about tech and business.
Plus, from demand side, there's more use cases we can explore and some of them are in the way to boom.
For example, using Tbill/MMF/Corporate bond as collateral for margin is a common practice in traditional finance. CME for example they accept yield bearing assets as collateral.