'There's no such thing as "right" way to represent any given data stream, just ways that are more or less suitable to specific tasks and interests.'
My core objection to "the Semantic Web" is the non-existence of "the Semantic". There is no way you can get everyone to agree upon a universal "semantic", and if you can, which you can't, you can't get people to accurately use it, and if you can, which you can't, you can't prevent people from gaming it into uselessness. But it all starts from the fact that the universal semantic doesn't even exist.
Somewhere there's a great in-depth series of blog posts from someone who describes just trying to get libraries to agree upon and correctly use an author field or set of author fields for libraries. This is a near-ideal use case, because you have trained individuals, with no motivations to insert bad data into the system for aggrandizement or ad revenue. And even just for that one field, it's a staggeringly hard problem. Expecting "the web" to do any better was always a pipe dream. Can't dredge it up, though.
(To the couple of other replies about how "it's happening, because it's happening in [medical] or [science]", well, no, that's not it. That's a smaller problem. The Semantic Web (TM) would at most use those as components, but nobody would consider that The Semantic Web (TM), at least in its original incarnation. Yes, smaller problems are easier to solve; that does not make the largest version of the problem feasible.)