I did a race early-season a few years ago (
Sylvan Island Stampede, highly recommended) and the Maverick class started the same time as the exhibition fatbike race. In the interest of not clogging the course with fatbikes, they started ten minutes after the regular start. Just before downbeat, a brisk but short rain ran through the area.
...we were useless. Slipping on wet roots, falling in the mud and sand, going nowhere fast. The *&^ing fatbikes are singing at each other through the trees, telling fart jokes, and generally whomping our asses with relatively minimal effort. When I go winter riding, if the fatbikes haven't stomped down a nice path in the singletrack, I park the bike and go running instead.
They've definitely got their place, and no, you can't swap out skinny wheels instead, which further puts them in a niche and prices one out of the market for me. But if you're riding in conditions where they excel, nothing else will really do.