Honestly, VR/AR is a small gaming peripheral business, like joysticks and third party controllers. And their are companies that make that their thing and make money from it, but it was never going to be profitable enough to be the thing that a company the size of Facebook pivots to, which I could see being a consumer in the space before Facebook got in and after too.

Don't get me wrong, VRChat and Beat Saber are neat, and all the money thrown at the space got the tech advanced at a much faster rate than it would have organically have done I'm the same time (or potentially ever). But you can see Horizon's attempt to be "VRChat but a larger more profitable business" to see how the things you would need to do to monetise it to that level will lose you the audience that you want to monetise.