Earlier quoted context omitted.
VR definitely needs a reinvented wheel in this case. Being able to move your head in virtual space but not your hands is clearly suboptimal, and the motion sensors in that generation of controllers are not up to the task. My take: this a bandaid, so they can get the headset out in Q1, ahead of the proper controllers in Q2. Not what they wanted to do, but Vive forced their hand on timing.
I'm curious as to why you think that freedom of hand motion is essential for VR. Certainly I can think of many VR experiences where it would be useful, but I can think of just as many where having discreet inputs (buttons) would be preferable. For example, a spaceship piloting game that allows the players head to rotate and look out the windows could very easily be controlled with a traditional gamepad.
I for one am looking forward to GTA 5 which I'm convinced they added a first person mode to future proof against VR.