It is very hard for AR to compete with conventional entertainment. The headset costs roughly $2000 and a $2000 investment in home theater is certainly going to improve most people's enjoyment of TV, movies, video games, etc. The $2000 headset doesn't have a lot of software, image quality doesn't compete with a $200 TV.
Like other companies in the field, ML has pivoted towards enterprise uses.
https://www.magicleap.com/en-us/
Certainly those exist and could deliver enough value to pay for the headsets. For instance if you could read the manuals on a headset while you work inside a jet engine that could be helpful. If you could see the plans for a building under construction overlaid over the building it might save expensive mistakes. On the other hand, Microsoft contracted to sell a bunch of Hololens 2 to the US Army and it hasn't worked out so well
https://www.roadtovr.com/report-microsoft-hololens-ivas-fiel...
Facebook has gotten dominant market share in VR headsets because it has sold headsets below cost. That's not a sustainable business plan. People are skeptical about their plans for both AR and VR and some think that this is mainly a feint aimed to distract people away from their current problems.