https://matrix.org/blog/2022/08/15/the-matrix-summer-special... is a recent overview of all the perf and reliability work going on there.
Meanwhile, TR is genuinely groundbreaking (i get 120fps fullscreen on my MBP in Chrome, which blows my mind), quite aside from the fact it doesn’t require any infrastructure beyond a normal Matrix homeserver. So please don’t throw the baby out with the bathwater!
Frankly, the metaverse scene desperately needed an entirely open source, open standards based platform, without financial incentives - similar to the open web but for realtime spatial content, and we kinda hope Third Room could be it.
There's not a lot features and popularity to be gained over more mature messengers. You need killer features to get out into the market. For Signal that's privacy, for Telegram it's UX, for Line/WhatsApp/WeChat it's omnipresence in certain areas, for iMessage it's preinstalled vendor-lock-in, for SMS it's "works everywhere". Even email can be used as a chat app these days (DeltaChat uses it as a protocol for their messenger, I believe) so what's the point of trying to get into the messenger market?
So far, the places I've seen Matrix get popular are mostly among researchers/tech enthusiast spaces and open source products that needed something that was better than IRC but self-hostable enough. That's not a market with a lot of potential.
I see some real advantages to some of these experiments. Stuffing collaborative document editing into a federated protocol like this is quite interesting, for example, especially combined with some ACLs. It's not something that many other protocols are well suited for and it might just prevent Element from fading away into obscurity like XMPP.
The marketing about it being a "metaverse" seems misplaced even if its technically true or not.
Also, more importantly we don't believe in "a metaverse" in the same way we don't say "an internet". There's only one "metaverse". Open and interoperable should be baked into the definition. Matrix can play one part of it.