I don't really think that's it, I feel like there is enough prior art (Second Life, VRChat, AltspaceVR, etc.) that we know this has potential and is feasable. Its just that their technology isn't even remotely competitive with anything. Its all just a clunky, buggy, uninspired mess.

Its everything from their corporate design story that bleeds into every world and avatar, the laughable visual programming tools to create worlds, the proprietary walled-garden approach to horizons, the privacy nightmare that is horizons, the operating system being this hacky unstable Android fork (don't ever look at logcat). Its like every single step of the way they made the wrong decisions and executed on them incompetently, no money in the world is going to fix this mess.