True, IBM well, it doesn't have that edge and may not be efficient. But we still do not blockchain's applications. I mean people are throwing it at everything. We do not know exactly where blockchain might do wonders and where its useless. We have some idea though.
Once companies get some idea into blockchain uses (I mean verifiable performance improvement uses), they will consider using it. Any startup will have a tough task competing with IBM. IBM is a formidable name in mainframe systems. So any company already working with them, will prefer it over a startup as it reduces risks. And having IBM behind stellar will ease concerns of customers.
Though I agree IBM will have to improve itself, if it wants to come out as a top blockchain company and not act as a drag on stellar. But in the current market where we have mostly startups (many of them scams), stellar has good credibility due to IBM backing it.