I have a Vive at home and its wonderful for gaming, if a bit undercook and still unable to deliver a pixel density that makes me happy (Vive2 perhaps?), but I can't imagine a phone remotely competing with that still underpowered experience.
I can see AR projection built into one's existing glasses a la Google Glass or perhaps what MS is doing with AR, but VR is a totally different beast. Comfort, performance, fov, pixel density, graphics quality, audio quality, "presence," etc really matter. I just don't see Google pulling that off and even if they got close, who exactly is clamoring for VR phones? I suspect Google has just become too mobile centric and is shoehorning in whatever is hot into its Android line and seeing what sticks (instead of refining Android to be a better experience it seems). I'm not sure if that's wise. VR seems to be more at home attached to a powerful computer in a safe indoor space where people can feel free to move around without injury and get a high quality VR experience. You shouldn't be doing VR at the bus stop.