The biggest value is in making physical space cheap if not entirely free. The people that will be served by this are the bulk of the population who can't afford to live or work in spaces that provide enough room to pursue their interests or ambitions. The fidelity of those spaces will start off fairly far away from reality but will steadily approach it over time.
With the right feedback and props almost any pursuit could be closely simulated. VR could transform practical education and training and make it so easily available that anyone wanting to learn any skill could progress through the most difficult and expensive stages of learning for essentially free and then go on to complete their training in real life if they so choose.
The ability to meet with people from anywhere on earth instantly with all the nuances of physical presence properly simulated would provide the equivalent network effects of living in a vibrant urban centre, again for practically no cost.
The benefits of really well executed VR are almost identical to the invention of a sci-fi teleporter and replicator. The places you could visit and activities you could perform would probably provide 80% of the value of the real thing. For people who can afford to do these things in real life it's a pale imitation but for those who can't it's revolutionary.