You're partly correct. Their VR tech is not "new". Oculus was a masterstroke of an acquisition and arguably has technology that's years ahead of anyone else out there.

Eye, finger tracking, touch haptics, variable focus, incredible performance optimized rendering, you name it. The tech talk given by John Carmack , that he went on stage and just winged without slides is one of the highest density talks i've heard: https://www.youtube.com/watch?v=Ti_3SqavXjk

It would have been their iPhone moment, but Zucccc bungled it with his hateful pursuit of Apples perceived slow walking of their App review. That enmity concluded with the App Tracking Transparency move, without which, we would have been still seeing record breaking ad numbers today.