There's plenty of meat analogues in the market, from highly processed (think Boca and Morningstar Farms) to relatively minimally processed (homemade bean burgers and the like). They sell reasonably well, but nowhere near as well as actual meat. Why? Well, although they're kinda like meat, they're not quite the real thing.
The idea of vat meat is a great one if it turns out it can scale. It will give vegetarians (like me) an additional range of protein sources—not that I'm dissatisfied with what's out there, but I do miss real burgers from time to time. It will also give meat eaters an option that's actually meat, but without the externalities that are endemic in the meat industry (factory farms, poor conditions for animals, methane emissions, low efficiency).
It's unreasonable to expect the world to become vegetarian because of those externalities. And the grass-fed/free-range/cruelty-free kind of thing, while a good step, only addresses some of the externalities, while being intrinsically more expensive. Why not investigate vat meat to see if it's a feasible alternative? Maybe it isn't, and we'll have wasted a bunch of time and money (though I suspect there are implications to this exploration beyond simply food). But maybe it is, and we could fix or ameliorate a bunch of problems without demanding the world switch to soy, seitan, and lentils for their protein (which is not going to happen to the extent it would need to).