I've always wondered what the technological development of F1 would look like in other sports. This feels pretty close.
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However, there were serious issues with cost and accessibility. These suits cost a lot of money to develop and manufacture, which was passed on to the swim teams. The LZR Racer could cost $550 per suit, with each suit only lasting a handful of races before requiring replacement. This gave a huge advantage to wealthy teams and swimmers with good sponsorship deals, and talented swimmers without a lot of financial resources were left in the dust.
Then there's the basic question of "what skills do we want to measure and reward in this sport?" With swimming, it got to the point where races were won not in the pool, but in the R&D department of swimwear companies. The swimming organizing bodies felt that swimming competitions should be focused on the athletic ability of individual swimmers instead, so advanced swimsuits were banned.
Don't get me wrong, I like F1 a lot, and part of that is the cool cutting-edge technology the teams develop. But for most sports, heavy technological development doesn't lead to more exciting competition, it just adds barriers to entry.
You're paying coaches, nutritionists, doctors, managers, etc. What's an extra $550 every now and then?
Sure, maybe a less-well off swimmer can't afford to train with the suit in every practice swim like a wealthy team/swimmer can - but that wealthy team/swimmer already has advantages in everything else.