The problem is there are three categories of GPU use in general desktop/laptop Windows computing, and a faster GPU only helps a small minority of those.
1) No GPU needed loads, 2) Nearly any GPU past 2009 will do minimal-loads (desktop animations, browser GPU offloading for page compositing, etc.), 3) Faster GPU = Faster Task completion loads
A faster GPU in the APU is only relevant for category three. There aren't many tasks that fall into category three, namely gaming, video encoding/decoding and acceleration (and these can be moved into fixed function silicon). This leaves gaming as the main task that is noticeably accelerated by a faster chip (and only by a faster chip). And dGPUs are so much faster than the iGPU that anyone with gaming as a primary purpose won't choose an iGPU. The HSA play seeks to increase the number of things that fall into category 3 but it has so far produced very few results. Further, the portion of things that can't be accelerated by dGPUs and only by iGPUs is so tiny as to be irrelevant. The cap on max performance that the iGPU scheme creates is self-limiting.
iGPUs need to accelerate more things noticeably or be closer to dGPUs in speed in order to be a viable choice to anything more than a small portion of the market. Once APUs get HBM we might have a fight but right now current APUs are just steps on the path to hopefully a product which is good enough to grab real market share. Right now the only market it makes sense in is low-cost laptops that people might want to run a game on every once and a while. And even then, the low end APU SKUs are slower than the top end ones to the point of not being capable enough for gaming anyways, especially paired with low end RAM that you see in low cost laptops
cbn is right -- every choice comes at the opportunity cost of some other choice. Spending generations getting APUs to where they provide tangible benefits to a tangible portion of the market is R&D budget, software budget, development time and actual silicon chip transistor budget that could have been spent on other goals (like entering the Phi/CUDA space more aggressively, or lower power CPUs, or more aggressive ARM adoption, or any other number of things).
2015 will only be exciting for AMD if AMD can step up their software game to leverage their already-paid-for hardware improvements in HSA and GPGPU. Given that Mantle is a pretty nice piece of software, more forward/lateral thinking software than they've ever done before, I think its possible if not unlikely.