These aren't 1st generation products. There has already been a VR craze, back in the 1990s.
Current generation video game consoles are also incomparable to Pong. But hey, that's the difference between 1st and 8th generation consoles.
A lot of things have improved but most of the problems are things that were recognized before and still aren't perfect.
They still need to get smaller, lighter, higher resolution, faster refresh rate, 4-8X GPU power, and wireless, but in another decade they should be awesome.
I kid. It's a movie from the 90's about VR turning groundskeepers into geniuses. I'm over simplifying. Watch it. I dare you. I might watch it again.
The question is whether they are enough, not whether they are merely better.
Autodesk had a VR ping-pong demo, with the paddle position reporting to the computers. It took a small rack of 1980s PCs and, I think, Matrox graphics cards. Matrox had one of the few graphics cards of the 1980s with hardware geometry support, the 4x4 multiplier unit. Nobody bought it because it was so expensive. There wasn't enough compute power in the 1980s for general collision detection, let alone game physics, so you couldn't align things by pushing them against each other. Various kinds of "snap" were tried, but now there was a mode problem. In VR, you don't have a keyboard, and doing keyboard-like things is hard. Mode controls are a problem.
The '90s brought all sorts of 3D input devices, from robot arm like devices for input to magnetically levitated trackballs. All that stuff has disappeared. There have been real improvements in 3D GUIs driven by a mouse with a thumbwheel. (Try Autodesk Inventor or Autodesk Fusion, both of which have free trials.)
Newer VR systems don't use gloves; they just give you a sort of game controller for each hand. OK for gaming, but not for fine manipulation. Good for shooting, not for putting a nut on a bolt.