Given my experience in Alt Space thus far, I think there's a really good chance you're right.
The first experience you have is being dropped into your "home" and mine defaulted to a big mountain side house, warm wood, fireplace, massive window looking out into a beautiful valley.
It was virtual but convincing enough and I still sometimes enjoy just taking in the virtual view before or after playing a VR game.
I remember thinking it a bit odd, the actual world around me could be awful, but in here it was just good enough to trick my brain. Throw $10B at that experience and I'm curious to see what happens. Maybe a scarcity-free utopia where everyone can "live" in whatever beautiful environment they want to, maybe a dystopia where you get home and enter your unadorned concrete cube and plug in to your real home, needing just enough physical space to use the VR.
If they can ever get it fully jacked into your brain, I could see people just plugging in and never coming out.
edit: home is also a place to work on projects, so I guess that VR fulfills that in a minecraft-type fashion.