Carmack should have been invaluable at Meta as the speaker of hard and uncomfortable truths. Likely Zuck & Boz have no idea whats really going on with their technology and are insulated by layers of self-deceptive status reporting. Once you step into management and away from the visceral struggle of building and using nascent technology daily, you are likely to make the stupidest and most illogical decisions. Setting that hard shipping deadline to coincide with your conference feels like you are making your team more efficient, but likely you are also forcing them to take on eventually crippling technical debt, or make rushed and ill-informed choices.
Its likely that top engineering talent, the ones who actually know how to build the next several generation of VR technology, already left or will leave soon. Those that remain will drown in so much clueless bullshit that they will pop out another VRML or Second Life and call it the metaverse.