Even if they manage to get the display+motherboard under $200, there is a number of small parts that will end up being quite expensive if you can't do the economies of scale big manufacturers can do.

There is the 3D printed enclosure, lens, cables, straps, padding...

Also it is just a headset, you probably want some sort of controller too. Also, even if though they mention experimental "roomscale", it involves a camera that is not included. And as with any DIY project, you a probability missing a few tools you'll have to buy...

I'd say it is affordable as a hobby project, which, in itself, is really nice. It is the kind of thing you enjoy making even more than you enjoy using.

For cheap, you can't beat cardboard. And if you really want VR and not a new hobby, commercial offerings are hard to beat.

EDIT: one way to reach the target price could be to start with one of these cheap "cardboard+" headsets you can find for about $20 on Aliexpress. They already have most of the parts you need except for the display and motherboard. The optics may be tricky though as they are optimized for smartphone screens (if they are actually optimized for something...).