Yes, it was meant to be done long ago. No, Pope Pius XI was not the only pope who had the duty to do it. Our Lord told Sr Lucy in the 30s that (paraphrasing) "As long as it took the kings of France to do their consecration, so the popes will also delay." France was consecrated 100 years to the day from when Our Lord asked. 100 years from Fatima's "ask" is 2029. The Fatima request is still applicable to our times...
Pax, you have your dates mixed up. The consecration took place 103 years later. King Louis lost his power exactly 100yrs.
Our Lords request for the Consecration to the Sacred Heart = June 17,1689
King Of France stripped of power = June 17, 1789
King Louis XVI made a private consecration as prisoner of his own palace = 1792
King Louis XVI was beheaded before making the another consecration public = 1793
Our Lord said that the Popes will make a similar mistake. And they have. We know this because the Consecration was to prevent the spread of Russian Errors. It is pretty obvious that consequences from that warning have already started a long time ago, especially immediately post WW2. Pius XII did the consecration with a few bishops in attendance but it was late. Our Lord was never specific what "late" means. Is it 2, 25, or 100 years, anyone can speculate. But since we have dealing with the impact of communism on a global scale since WW2, the spreading of errors has already surrounded us. If the 100years has any relevance, it would mirror the carnage and persecution of the French Revolution but on a global scale.
By the way, even Sr. Lucy had hopes that Pius XII was sufficient. She didn't hold such a strong opinion compared to others who armchair Fatima quaterbacks.