* much higher barrier to entry (requires specialized hardware)
* much more difficult to produce content (3D worlds to build from the ground up vs text and images of the real world)
* less cool than most video games (YMMV, there might be good VR games, but toons with amputated legs flying around are not cool, and that's what we saw in the Facebook demo)
* several safety and social acceptance issues (basically, you don't see the real world when you're using a VR headset)
* VR is not fun to spectate (checkout twitch, there is not much VR content)
* VR has been around for many years already, and it stays... a niche game accessory.
That is, VR gamers just want to play games, including collaborative games. They don't want to sign in to Facebook to do it, they don't want to "live" in the metaverse, they don't want some shyster hocking their NFTs in VR while they're just trying to play a game.
This whole Metaverse BS just completely feels like Second Life 2.0 (Third Life??)
I'm a huge fan of VR gaming. The state of the art is incredible right now, but it'll get so much better the more money is shoveled in.