Considering how good AR is _right now_, we have very few practical applications for it. It has been quite good for at least a couple of decades (I studied AR in the 90s and we had some pretty amazing demos even back then).
Snapchat is doing some amazing, if silly, AR stuff, and hardware capabilities around graphics are improving all the time (especially with the use of graphic cards for crypto mining), in fact graphics are getting to the stage where its genuinely difficult to see at a glance what is real and what isn't.
Basically this is what Facebook is going for with the Metaverse, but history tells us that it will probably not be an incumbent that develops the best products.
There will be some cool/scary stuff coming.