This and Meta just look like boring Second Life. It might be because they don't have interesting communities. VR Chat is probably the closest thing to having a spark. But the company around VR Chat seems pretty determined to kill itself.
I would personally be very interested in seeing what a Second Life experience looks like when reinvented for modern computer hardware. I think it will be a pretty compelling experience.
SL is fairly modern. It's happy to grow into just about any system you throw at it, but it loves bandwidth the best.
the jankiness is not really a hardware thing. SL chose certain concepts that will likely never be as performant as something like a traditional video game.
But, as someone who years and years ago migrated from There (TM) to Second Life, the things achieved with those concessions were amazing.
Let's take the example of a virtual t-shirt. A content creator on 'There' had to first send in a mockup of the t-shirt to the staff which gave a go-ahead to produce a model, the model then gets approved, the content creator then waits for a weekly update push (which contains the in-world assets), and then gets approval for the financial side of things like pricing and in-game sales locations.
This process often took months.
in Second Life -- due to the underlying streaming tech -- you make the tshirt, put it on, everyone in the world sees it.
The benefits to content creation of real-time modeling and easy revision was game-changing, literally. This was facilitated by the fact that Linden Labs decided to embrace the streaming concept.
This 1:1 real-time stuff opens Linden Labs up for lots of abuses -- pornography or things that took advantage of the system by tracking assets or third party stuff, whatever -- but the freedom that it gave the players and content creators was remarkable.
(also weird trivia, my SL avatar is old enough to be legal adult now. How time flies. I don't really play anymore, but I log in once in awhile to chat with some randoms.)