Also it didn't require billions in investment. Facebook could have literally burned $900 million on hookers and cocaine, and then thrown $100 million to buy VR chat, and be better off than they are now.
They currently have the most popular VR hardware platform. And it's the only piece of hardware that Meta really has, everything else they make is software. If Meta wants to keep growing, being the leading producer of "the next big thing" in hardware would certainly help. Zuckerburg is betting on VR/AR being that next big thing. Only time will tell I guess. But I find it a little weird when I see people commenting on Meta's investment as if all they did was create a basic second life clone. They're building some of the most innovative consumer hardware at the moment. I'm not hugely into it because Meta doesn't really seem like the company I'd like to entrust with cameras pointing at my eyeballs, but you can't deny that the hardware they've built so far is quite impressive.