I mean it is cool but how is it cooler than VR? VR can achieve the exact same effect as this and more.
False dichotomy. There's a huge range of potential and real applications for VR that are neither games nor "watching the news".
Pop back here when you've tried SoundStage, TiltBrush, some decent social VR, CAD or interior design in VR, some high-quality VR storytelling experiences, training/education VR, historical reconstructions, music visualization, data visualisation, a physics sandbox, visual programming, interactive character animation etc.