Sounds like it involves IOUs to me.
Ripple does involve IOU's and that's a good thing. XRP, however, is not an IOU. It's an asset that exist within the network and stored without counter-party risk.
Why has Ripple decreased so much in Market cap? Used to be second to Bitcoin
1. Because they aren't doing jack shit.
2. Because they aren't doing jack shit in the way of marketing, publicity, news articles, etc.
-B-
Ripple is doing plenty, Ripple isn't however, a consumer product so you're not going to get consumer focused marketing.