I don't agree with your argument against the economics of hydrogen for use
in fuel cells to create electricity, as you have left out some key
factors.
First though, you are correct in pointing out that strictly speaking,
hydrogen is not a fuel but rather, an energy carrier, in the same sense
that electricity is not a fuel but rather, an energy carrier.
Also, it is important to note that there is no free lunch with hydrogen,
as it takes as much energy to extract hydrogen from water, as you end up
with.
With those points in mind, let me briefly address two issues, while also
keeping in mind that hydrogen is the perfect "fuel", as it is completely
renewable and also completely non-polluting, as the only two by products
when used in a fuel cell to create electricity, are pure water from which
you can get more hydrogen, and heat which can also be captured and reused.