Most of Apple’s other successful products are part of the former. Music players were a proven market. Headphones were a proven market. Cell phones were a proven market. Watches, fitness trackers, and jewelry were a proven market.
VR and AR are really not that. That market has sold an impressive amount of units mostly on the back of a cheap $300 device that its owners consider to be a toy, but the volume is nothing compared to all the other devices I mentioned.
This could very easily be the next HomePod (1st generation): an over-engineered niche product with a price that is too high to be palatable.
One thing is certain: people are getting fired over at Meta.