I also think VR is overhyped, but not because it's a fad (though that's part of it).
It's similar to 3D TV in that it presents content in a better way that nobody asked for, and nobody ever found a way to massively leverage the tech that truly felt natural.
3D content ended up falling into two camps:
- Films that are largely the same experience as their 2D counterparts. You barely notice that the 3D is there, and after the fact you'd be hard pressed to claim that the 3D made the experience substantially better in any way. A lot of VR tech demos fall into this category - things that are "well, that's very cool, but..."
- Films that exploited the 3D technology by throwing baseballs at your face, having characters literally fly out of the screen, etc, to fully drive home the 3D effect - but ultimately all of them were gimmicky and done for the sake of showing off the tech. VR has a boatload of these, where the entire experience is about the spectacle of VR, rather than VR tech being the vehicle to some more substantial experience.
3D films never found a way to integrate the tech in a way that felt substantial, and VR is struggling with the same. Some niche VR categories (see: cockpit games like driving and flight sims) have certainly embraced VR, but more generally VR is dominated by tech demos and games that simply don't feel like a meaningful upgrade over their 2D counterparts.
VR is a (very cool) solution looking for a problem, and IMO in that way it is similar to 3D TVs, and unless it finds its killer problem to solve, will suffer the same fate as 3D TVs.