Drew, great post! And the more you peel the onion on this piece, the more interesting it gets. First off, thanks for resurrecting the conversation about Makimoto's Wave. Long overdue.
Second, my one small bone-pick is that, at least for IoT, I think economics does play a big role in this transformation. We can't scale that market with $10 or $20 BOMs. They have to be less expensive, which I think plays into the shift back to customization. A lot of these edge devices can't support that (or vendors will be unwilling to take the margin pain). So I think design-to-power and design-to-cost are attached at the hip there.
Third, your post raises an interesting question about the future of the semiconductor industry. Namely, we've seen the rise of system houses, particularly in the server and consumer space, take over semiconductor design because of their specialized performance, market and power requirements.
Do see that trend accelerating, given your premise and the need for power-aware designs in these emerging markets?