The only reason why this is never going to happen is very simple: Cheating. It's a cancer on every internet chess server, even though neither prices nor titles or relevant ratings are going to be gained there.
I wonder if you have heard of this recent development:
http://www.fide.com/component/content/article/1-fide-news/7318-fide-online-arena.html
I haven't heard of it. But it cannot possibly work. Unfortunately it's too easy to cheat without getting caught. Use your database in the opening. Your literature. Who would be able to prove that you haven't studied the Najdorf Poisoned Pawn just this morning? Only occasionally ask the computer for help. When you really need it. Maybe every 10 moves, and stop whenever you are easily winning. Typical incompetent FIDE crap,
FIDE Online Arena is providing Official FIDE Ratings. Being official, not sure how that is crap.
Cheating is horrendous on servers I have even asked people outright because it is obvious and they have admitted to it. Server chess may not replace otb for the moment but I remember when server chess became popular about 10 years ago that the 2 chess clubs I frequented one near my work and one near my home just emptied out. It's as if people could get their fix elsewhere. I used to live in London and now I live in Spain and my chess club in Spain has got a real "local club feel" to it and people seem to prefer coming to the club than playing online but a lot of them do also play online. Interestingly our club is sponsored by the local council and we get some money every year that goes towards equipment, books and stuff and in return we stage a big rapid play every year with prize money. We get titled player coming from allover for it. Because we are sponsored by the local council our venue is next to the alcoholics' anonymous meeting place and somebody once asked me if I was going to the chess club or for AA meeting. I responded. "Is there a difference" :)