Most connections will be Wi-Fi or local. Very few require 5G high speeds or latency. Consumer IoT will come, but industrial is now leading the way. Those observations are from Linley Gwennap, one of the world's leading chip analysts. I listen closely to the chip guys, who often see trends several years ahead.
Wi-Fi is close to ubiquitous in every middle class home, so why pay a phone company to connect you in home or office? The vast majority of IoT apps are low speed and latency tolerant. Your air conditioner or washing machine doesn't need to communicate at megabits/second, much less gigabits. Adding Wi-Fi is just a couple of bucks and getting cheaper. 802.11ac is delivering a routine 500 megabits.