and to be honest, I’m still waiting to see its true potential.
Good luck in waiting of that. I am one of the people that have always doubted it even when there was an announcement of its mainnet. Well, they're able to release that and have got a good price during the release. Now, the price is quite low and I don't want to discourage you about the true potential. But majority of the holders of it and those that have received the airdrop have probably dumped it already.
What’s holding $PI back right now? Is it lack of interest, weak market conditions, or something else?
Could be all of it. The interest isn't really on it. People only got interested on it before when they've heard that it's about to get listed and ready to release the tokens to the participants.