It's not clear that the Media Lab is still needed. It was once leading edge, back when graphics technology was exotic and expensive, and the field was small. But now everybody has that technology. NVidia, the game companies, Hollywood, and the VR industry pour billions into the field. The Media Lab is now a small player in a big field.
Here's their current list of projects.[1] Some of the less useful ones:
"Tasting Menu in Zero G"
"Sculpting in zero gravity"
"Discreet Teeth Gestures for Mobile Device Interaction"
"Blockchained Agent-based Simulator for Cities"
It looks like they're pivoting from media to - something.