As in 'slight of hand' employed by a magician. Where someone makes an obvious movement to distract from something they don't want you to see. In this case, the assertion is that the Metaverse is more hype than reality. A shiny object, or concept, to create a plausible narrative that bridges Facebook into a future where they once again dominate, while distracting from the possibility that their current position is in decline with no tangible mitigation plan.