Well, it hasn't had anyone implementing something like Rails - it's easy to underestimate the importance of making a really simple onramp for beginners. I think there's a lot to be said for gradual sustainable growth though; OCaml isn't hyped, but we're quietly seeing more and more of it.
Yep, it's all about sustainability and backward-compatibility. There's no Rails yet, but the Sinatra-like Dream framework is very good and getting a lot of attention nowadays.