There's still no killer app. You can play FPS games. Works fine, for people who like shooters. You can run roller coaster sims. Works fine, gets boring fast. You can visit Second Life. Kind of cool, if you like SL. You can visit High Fidelity, which is a higher-res Second Life where nothing is going on. Boring. (Worse, the High Fidelity CEO is now talking about "sovereign identity on the blockchain". If one branch of hype isn't working, pivot to another.)
VR conferencing? Working in High Fidelity and Second Life now. HF even has gaze tracking and facial gesture capture.
In the early days of VR, there was hope that VR would provide a more natural interface to CAD programs. Autodesk put effort into VR to try to make that work. Turned out that trying to do precision work in VR is not only difficult, but really tiring.
It's all been built, and nobody came. Best Buy is removing the Oculus Rift demo stations from stores due to lack of interest.