I wouldn't call it a failure. A failed product is one which the company has shelved and never to see again, no rebranding nothing. Like zune in msft for example.
I think fb is continuing to invest to figure out the right market fit
are people using it? no.
i think ppl don't use it because beside some demos there isn't much content to use it with. maybe should have partnered up with consoles and make money on game sales that use VR, chicken/eg problem would have been fixed.
In May FB announced over $100m in content sales for Oculus.
https://techcrunch.com/2020/05/18/oculus-surpasses-100-milli...