It is hard to cross from academia to commerce. The changes that were (and are) needed to O'Caml are not things that will result in publications, and thus don't fit the academic funding model. At the same time they are a precursor to attracting wider interest in the language. It seems that a benefactor like Jane Street is needed for this to occur. Certainly it seems that Jane Street is eager to spend money to fix this problem.
The story of O'Caml is a good reminder that in language adoption, as in business, execution, along with a bit of luck, what matters. The world is full of could-have-beens. And on that note, I've got code to write...