I still don't entirely understand why virtual reality didn't really catch on. I think there were some very poor business decisions by Facebook which were treating it as a success before it had even launched -- trying to ring-fence a platform, both hardware and software, whose early demographic is going to be entirely high information users seems a very questionable decision.
But beyond this, I don't really understand why it didn't catch on. The first time I tried it I was hooked simply due to the issue of presence. Though perhaps the fact I ended up never purchasing a device answers my own question -- I had no interest in a Facebook driven platform, and the price point to get involved with VR for things like the Vive did not mesh well with the availability of software, as well as the fact that hardware tends to rapidly iterate.