Immersive experiences are primarily a content problem. We've got a big empty room with current hardware solutions. You can play games or mess around in some big corporation's walled garden. That's it. Not very compelling. The games are nice of course but mostly they work without VR as well.
Creating content for these empty rooms is actually a problem as there are no open standards, the tools are complicated, there are lots of hurdles, and a lot of gate keepers with dollar signs in their eyes trying to tap into any value you might create that are actively frustrating each other's attempts to do so. You end up with these exclusives for some proprietary hardware. And that hardware changes all the time so it is time limited as well.
The only people that bother with going through the trouble for this so far are game studios.
Even 3D movies are largely not accessible via VR because that's a different proprietary content silo with misaligned financial incentives. So, even though there is a lot of 3D content in the form of a decade plus of 3D action movies that were released by movie studios, exactly none of that can be enjoyed via VR goggles. That's how hard it is to target these things. I guess movie studios could do it but then they'd be haggling with the likes of Steam about just how large of a cut they would take. Likewise, Netflix is not a Steam VR experience. They are not producing material in 3D and you can't sign up for a 3D Amazon Prime either. If there were open standards, this would be a no-brainer thing for them but there aren't.
IMHO, any content that works in VR should be trivially accessible using a normal 2D screen as well. There is no technical need for any content to be exclusive to VR/AR goggles and if you are the owner of that content, you'd actually want to maximize your audience rather than artificially limit it. You lose a bit of immersiveness but we've been playing 3D FPS games on 2D screens for decades so that does not seem to be that big of a deal. In other words, there's nothing stopping us from building a metaverse right now. You'd buy the VR goggles to enhance the experience in the same way you might invest in a bigger TV or better sound system.
So, why don't we? Well very simply put, it doesn't solve a problem we actually have. We can already immerse ourselves in game worlds (with or without goggles) and we can already communicate with people. And more importantly, 2D UIs are actually pretty nice for a lot of things; especially when it involves text. And in so far some things might actually work, excluding most of the planet that does not own any goggles yet is not a great plan for creating a mass market.