>I also wonder if FB could go back in time would they completely scrap VR investment? What (at the time) would have been their big bet instead?

I think this is the relevant question. So many people fall into the Trap stop thinking in terms of binary outcomes, especially with hindsight information. This isn't how business investment works at all.

The same people that are quick to judge investment failures can rarely produce an alternative idea with multi-billion dollar upside.