I think the perfect wet weather cycling footwear really doesn't exist. Why don't cyclists wear waterproof footwear instead of neoprene booties or waterproof socks?
hiking footwear is too low and too well padded, supportive and heavy for cycling, we need an unpadded, waterproof upper that is high enough to fit under waterproof pants and whose only function is to be waterproof.
Cycling boots for rain seem to be cut too low, carry too much padding or too much insulation.