I used those early systems, definitely ones better than the Jaguar at least, and in the same year it was released. And, I'm saying anyone who thinks the Jaguar's failure means modern VR is doomed is missing some super basic things about the threshold at which VR is compelling.
And, I'm saying we are just over that threshold, sometimes, with some experiences, and that there was never a snowball's chance in hell that any kind of compelling VR experience could have been had in the early '90s.
If the Jaguar had been compelling, the liability issues would have been sorted, full stop.
Anecdotally, I've found even my 70+ year old father-in-law responds well to Chaperone bounds in the Vive, he 'gets' them immediately. A friend who is partially disabled is also successful at using the Vive, despite some mobility issues. None of that (or the attendant safety) matters, though, if the tech isn't compelling.
There was a ton of innovation. But frame rates, even on half-million dollar hardware, had to be in the 30hz range. Knowing what we know now, there was no way for that technology to take off, even for those with very strong stomachs.
The minimal technology package to do a good job has only very recently been available for almost any money. I think it's too early to call it as a 'never'.