I was an earlier believer in FxOS and while it made huge mistakes, I don't think it was a waste of time.
A lot of the work that went into getting Fx running well on bottom-of-the-barrel specs (256MB RAM, 4GB flash, 1GHz single CPU etc.) I would argue we still see gains from today.
They also helped pioneer Web APIs, improve web permissions, and even useful web tools were made for FxOS that could be used for Fx on Android. Hell, even Google thought the main ideas were solid - look at ChromeOS!
A fantastic write-up of FxOS is written about here: https://medium.com/@bfrancis/the-story-of-firefox-os-cb5bf79...