It was designed to fix tearing issues, not latency issues.
But then the Wayland designers found out that players often prefer tearing to minimize latency, so the tearing protocol was implemented.
When a committee of perfectionists, rather than real people or companies, design something, you often get something that is completely unusable by anyone but that committee.
And that's exactly how it's played out so far. Wayland is still largely incomplete, not to mention it doesn't even have a reference implementation [1], and still doesn't include/describe several essential desktop APIs and features, which results in this protocol not having a ton of universal tools and applications that work across all of its implementations, including but not limited to:
* Keyboard layout switching and input management
* Display configuration
* Clipboard management
* Tools to manage windows/automate tasks
* Lots more
It's a damn ugly mess that has led to a lot of fragmentation with no obvious benefit. Currently, only KDE and Gnome have somewhat usable Wayland implementations. If you use anything else? You're SoL.1. https://gitlab.freedesktop.org/wayland/wayland/-/issues/233