What has kept me away from Wayland is the tendency to be dependent on the compositor for so much.
I use my preferred X11 window manager for largely aesthetic reasons, but by and large, I can swap it out and the rest of the software doesn't give a damn. At most, you might have to tweak a RC file to fix missing custom assumptions (i. e. disabling decorations on full-screenified Proton games)
It seems like on Wayland, there's a lot more of a "if you aren't using GNOME or KDE, the odds something meaningful breaks are much higher." Aside from the perceived bulk of these environments, they're highly opinionated-- I suspect it would be a major production number to hammer them into a shape that looked like FVWM or WindowMaker, even if you only wanted to match a single theme's aesthetics (as opposed to, say, FVWM's dynamic configurability).