https://expresso.com/ https://www.virzoom.com/
Expresso is more commercially-oriented, but iirc they lost high eight figures starting back in the 2000s. Virzoom only burned something like seven figures so far, working against the added drag of VR adoption.
And then there's Zwift (https://www.zwift.com/), which doesn't carry the hardware costs and was recently valued at ~$1 bn+.
If I'm playing armchair CEO, it seems like you do better off by leveraging the existing hardware ecosystem and just building a content / network play. Better to gift Apple / Google 30% than try to build, launch, and support hardware.
Also, it's really hard to get enough users to support a fun enough game library; the overhead of custom content development is way, way too high unless you've got, I dunno, tens of millions of users? Everyone's thinking of Peloton, but they adopted the highly successful spin class model to the home. The change in behavior was staying home rather than going to the gym, not starting exercise instead of playing video games. And full disclosure, yes: I was skeptical of Peloton before they launched, too.