Cardboard/Gear (to some extent) is like a flip-phone for VR. Without positional tracking, it barely qualifies as VR imo, and honestly one of my fears is that people will try Cardboard/GearVR and assume that is all that VR is and will be turned off.
I think these large companies will continue to throw money into this for a while, hell look at all the news last week from HTC.
But a VR system needs software and is useless without it. If there aren't many users, they're not going to get software. If there's no software, no one's going to buy more units. If people don't buy the units, the manufacturers won't eat the cost to continue making them. Then we're back to square one.
If manufacturers really want this to work, they either need to pour tons of money into first party development or developers need to charge a lot more money for the games. I don't see either of these things happening, so I'm not holding out much hope for this generation of VR either.
I think what you said would have made sense a few years ago, the Palmer Luckey's kickstarter was first created. But right now, I'm pretty sure it's way past Segway territory. Not quite iphone 1 level yet, but perhaps equivalent to the first huge blocky cell phones. Still took a few years for cell phones to miniaturize and become cheap enough for everyone to own one, I'd say that's where we are with VR/AR right now.