It has existed for 30 years or more. Perceptual immersion is what companies like FB are commodifying about it. I started my own digital reality separate from my physical world when I first created my 'handle' denuoweb. I have never been able to afford any VR and so what I think is the bubble of wealthy people who work on VR like FB are just completely disconnected with the general populations reality of not being able to afford the equipment. Widely rejected the metaverse, no. Widely rejected expensive equipment and walled garden platforms, yes.