Facebook is dumping money into VR to try and push their boulder of a terrible idea (the "metaverse") up a hill. Except the hill is a solid 90 degree angle cliff
Nobody wants to go to Walmart in VR and artificially grocery shop. That's a dystopian misery. But Facebook is happy to try!
Their counterparts at places like VRchat meanwhile realized that just making a sandbox environment for people to do whatever they wanted is far more enticing to users. Valve meanwhile is happy to chug along and putter out critically acclaimed games to go with their own bespoke hardware releases
For those who have not seen the Walmart VR demo, it's really something else. Something is going very very wrong at Meta if they thought this looked enticing:
They are losing stupid amounts of money on VR (as part of the R&D thing) in the hope that people will use it for work. The awesome value of Oculus Quest 2 will probably never be seen again.