It was pretty clear to me back in 2015-2016 that VR was going absolutely no where. All you had to do was try on any headset and evaluate it honestly.
The graphics sucked, the lag sucked, it gave some people nausea and others an unwanted sense of vertigo. Prices for high-end equipment were (and still are) ridiculous and unattainable for the mass market. Even if you could afford it, do you also own a space big enough to set it up? And if you did, was it convenient to have to be in that space to use it?
The premise of VR as a foundational technology is totally flawed. VR is for experiences that take you out of reality, but most people aren't looking for that on a daily basis. Entering VR is comparable to going to the movies: it's something to do once you've exhausted better options.
To those who say the technology can never get there, I disagree. The market will explode once the first real AR/MR device arrives. People won't care what it looks like or that it has a pervy camera if it's the most amazing piece of technology they've ever used. It will be like the first iPhone - an "Aha!" moment in amongst a sea of products that just don't get it. It won't require lighthouses or setup or spatial mapping or wires or the social isolation of being at home, it will just implicitly understand the world wherever you are and will be available to you when you need to use it. Like a phone in your pocket.
And I'm sure with the equivalent of a sleeping mask such a device would be VR capable as well.
It's coming, but it won't be a product from a startup (anyone remember Magic Leap?) and not for maybe 5-10 years.