The "No games" mantra can have some explainations.
I think that one of those can be found in the retail scenery, when you walk in a store or, more specifically, in a Game Stop. This can result in the impression that Vita is a neglected piece of technology.
In the US the flow of retail games is average, maybe a little disappointing, but in Europe (where still Vita sells better) we are at the armageddon.
Scroll down the page have a look at the two western markets:
http://www.play-asia.com/paOS-27-71-1aa-49-en.html#C1666
I know that on PSN store the offer is wider, but retail still counts and communicates a lot to the customers.
But Mugen's theory also stands, as I know some former PSP owners who didn't know the PS Vita existed, so congratulations to Sony for the awarness campaign! :)
Finally, there's game and game. The "No game" semplification can be a shortcut to say that it still lacks "noticeable software" like a portable Grand Theft Auto, an original Final Fantasy game, a Gran Turismo... Conception II and Demon Gaze can be moe masterpieces, but they are not that conspicuous consumption items that teenagers love to jump on.
