People seem really stuck on "VR is either the next iPhone or it's nothing".

Isn't there a middle ground?

Of course there is. My point is Meta’s investment is currently being justified by home usage, and I will make a decent sized bet there will never be mass adoption of VR for home use in its current form.

Having worked in VR since 2015, I don’t know of a single person who uses it for their entertainment, period. Some folks here in the comments saying they use it for flight or racing sims, in which case Meta is sinking billions into an expensive peripheral for sim players, similar to a flight joystick.