It's a distraction to try and imagine homomorphic encryption for generic computing or internet needs. At least not for many more generations of moore's law and then even still.

However, where FHE will shine already is in specific high-value, high consequence and high confidentiality applies, but relatively low complexity computational calculations. Smart contracts, banking, potentially medical have lots of these usecases. And the curve of Moore's law + software optimizations are now starting to finally bend into the zone of practicality for some of these.

See what Zama https://www.zama.ai/ is doing, both on the hardware as well as the devtools for FHE.