I don't think so. Rather, it is still in early stages of development.
It's been there for quite a while now. Don't know how much more time the developers need to get it fully functional.
It is trivial to launch a coin with instant transactions. All you need is a centralized spreadsheet which can update balances instantly. That doesn't make it a good coin.
Apart from bitcoin there is no decentralized cryptocurrency. Even ethereum recent shift from PoW to PoS confirms the fact that its in the hands of few developers. For pure decentralization bitcoin is the only option.
No, there are thousands of shit-tokens which have either zero volume which makes their transaction cost minimum, or have enormous block size limits, which makes their whole system fundamentally inferior and prone to centralization.
There is blockchain trilemma between decentralization, security and scalability. Bitcoin made a compromise on scalability but not on decentralization and security. While others are not making compromise on scalability but on decentralization.