Derivation paths determine how the address / private keys for your wallet are derived from the mnemonic. Mnemonic is called interchangeably also "seed", "recovery phrase", or "12 words phrase".
The main reason why the keys from one wallet cannot be imported to other is because of the difference in the derivation path.
Most used derivation paths:
m/44'/0'/0': used by BitcoinCom and Honest, same with BTC
m/44'/145'/0': used by Electron Cash, memo, set as standard in the BIP44 spec
The discussion was initiated because I was looking for ways for Honest wallets to be compatible with both the Badger and BitcoinCom (from the same company).
My personal opinion:
While we should have a standard, it's very important to put user experience first. 1 mnemonic = 1 wallet. And let the wallet software handle the detection which derivation path should be used. "5 if statements".
What do you think?