Valve's VR ecosystem has been quite healthy as it actually caters to what its users want. PC based VR with wires is very unsexy right now but the index consistently delivers an experience that can't realistically be matched. VR is here to stay but it won't become ubiquitous overnight.

Valve is building hardware that acts like a monitor while almost everyone else is pushing the equivalent of VR smart TVs. People want to do fun things that were impossible with previous technology. All facebook's metaverse has to offer is a vision of its users "working" and "shopping" under total surveilance. People's rightful rejection of that doesn't say that much about the medium of VR itself.