I think there's a much simpler explanation here, one that covers all of the other failed stereoscopic 3D products: It's a cool novelty effect, but people's brains are already pretty good at reconstructing 3D from 2D, so there's little lasting value. Once the novelty wears off, most people stop caring.
I believe that explanation also covers the Brewster Stereoscope (500k units sold in the 1850s), the ViewMaster (the US DOD bought 100k units alone as part of the future of education), the 1950s wave of 3D movies, the 1990s wave of VR, the 2010s wave of 3D movies, and the rapid rise and fall of 3D TV.
It also covers my experience every time I try this stuff. A while back I rented an Oculus Quest. For the first week, everybody was super into it, and I really loved some of the games. By the end of the second week, nobody even noticed when I mailed it back; we had all returned to playing games on Switches and the consoles.
I think the reason we keep having this problem is that a mixture of the concept (3D is obviously better that 2D, right?) plus the wow from a novelty experience suffices to attract investor money. This time, gobs and gobs of it.