Also, FB bought Oculus. It has grown since, but most of where they are is on trajectory from the purchase. Meanwhile, VR as a whole is neither a big not profitable market. The competition are also a bunch of upstart-ey businesses/divisions limited by investor generosity.
Zuck makes good acquisitions, no doubt about that, but Oculus isn't an Xbox yet.
Xbox, OTOH, is proof that Microsoft could enter a completely different market, compete, win and create a whole new business division. It was already a mature market.
I'm shocked it's that high, but, honestly, for an early effort, that's pretty competitive. If I'm reading Microsoft's 2005 annual report right, Home & Entertainment revenue was $3bn in 2005.
I still don't think VR is going to supplant console gaming, but console gaming is a big business--Xbox-level revenue would be a 15% increase in total revenue for Meta.
I also don't think Zuck's stated aspirations are a +15% boost in revenue by becoming a successful competitor in the gaming market, which is why it's so easy to criticize the insanely overstated goals of the "metaverse."
It's pretty resilient.
FB? Like others have said, the social media FB itself is pretty weak, and like you also said - addiction, and walled garden are the locks in. It can only grow financially by (more) acquisitions.