Founded July 2012. And while the company was successful in the sense that it got an exit its product isn't exactly doing too well.

I would argue it is. I've got a Quest 3 sitting next to me and I think it's great.

I can't speak for the deranged expectations, hype cycles and back-lashes over the last 5 years. And I think Meta's R+D budget is pretty hard to justify. But I don't think that reflects on their current product range (which could have been matched with a much smaller budget - and to some degree has been)

I’ve used their products. While the market is still small it is one of the coolest hardware projects I’ve ever experienced