Besides being expensive to generate unless you already happen to have an electrolysis plant handy, hydrogen is awkward and hazardous to store. Once generated, it costs yet more energy to liquefy, and then it seeps right through many common metals, weakening them in the process. It's just not a good consumer-level energy source, and nobody could figure out why Toyota couldn't see that.

Interestingly, liquid hydrogen is nowhere near the most energy-dense way to store and transport it. I don't recall the exact numbers but absorption in a rare-earth metal matrix is said to be much better on a volumetric basis. [1] Still not exactly cheap or convenient, but it mitigates at least some of the drawbacks with liquid H2.

1: https://www.fuelcellstore.com/blog-section/what-hydrogen-sto...