When people talk about how VR hasn't taken off like they expect, I really wonder about their understanding of technology. As a high end technology, I think VR is doing great. There are some pieces of work that people like, but the state of the technology reminds me of smart phones circa 2008[1]. Technology is getting better, but there's substantial disagreement about what a "good" experience needs. Do we need higher resolution? Easier access? Better integration? Obviously all of them are good but the point is that the field is still very much in flux and even people who have spent thousands of dollars on a nice setup are looking forward to the next generation.
I also think about LCD televisions. I don't really know what their sales numbers are over the years, but Wikipedia tells me they started selling more than CRT TVs in 2007[2]. They came on the market in the 1980s[3]. That's a ~27 year journey from being in a consumer good and becoming the dominant technology. Smartphones improved uniquely fast, and since VR is (right now) more firmly centered on luxury and leisure, I wonder if the arc of LCD televisions isn't more indicative.
I think VR will "arrive" when you can spend under $100 (maybe $200?) and get all "the good parts" of the VR experience, like my friend did with his cheap phones. It will also help if the high end is better established than it is now. It can't be used or home-made or just a part - one price for a low-frills version of what you came for. I think successful technology needs a "bottom-end" as well as a top-end and I don't think VR is very close right now. The first Oculus shipped to consumers in 2016, which puts us 4 years into my proposed ~27 year arc. That feels about right to me.
Edit: for all my skepticism about VR, writing this post has me researching the price of headsets again :p
[1] As a point of comparison, the first iPhone sold 6m units. https://en.wikipedia.org/wiki/IPhone_(1st_generation)