Uniswap V3 was a backstep from Uniswap V2 solely because we lost the easy composability of LP tokens that spurred so much early DeFi farming when it became NFT positions. It shifted the narrative to be more efficient for institutional LPs. V4 w/ hooks may actually enable that complex set of integrations again. It won't be the same as before, because there is more complexity in creating hooks than in simply accepting and using a V2 LP position, but at least this opens up novel cases that could bring that idle liquidity back into the defi ecosystem in new ways.