I agree; the process will become more efficient. But the timescale for this is looking like decades, not years.
The problem is this; hydrogen produced from natural gas is already more expensive than petrol, diesel, or electricity as a vehicle "fuel". Electrolysed hydrogen has 2.3x to 3.3x higher production costs than hydrogen refined from natural gas. If the right investments are made, the IEA believes this could drop to 1.5x to 2.5x by 2030. But that is still far too expensive for HFCVs to be anything more than an experiment. Production costs for electrolysed hydrogen need to be a fraction of the costs of producing hydrogen from natural gas today, otherwise it will simply make driving too expensive.
Also worth noting that while there is some spare renewables potential on the grid, there are a wide array of storage technologies competing to utilise it. So yes, efficiency does matter. If there are technologies which have lower capital costs and higher efficiency than HFC, hydrogen is going to have a hard time competing for that power. This side of the debate isn't just about batteries vs fuel cells, but about a vast number of other competing products.