I really don't think the hardware is the issue. We have great, cheap, and widely available headsets on the market, but nobody has thought of a killer app for VR yet. Facebook didn't and sorta just "winged it" to some degree of failure. According to Mark Gurman, Apple is stuck on the same question.

It very much sounds to me like VR just doesn't have any decent application. The dream of AR as truly assistive technology seems so far on the horizon that I struggle to incorporate it into serious MR/VR discussions. That's how bad the content drought is. Worse yet, every time this discussion comes up, people argue that VR will be adopted by decreasingly cost-sensitive fields. It used to be that VR was for gamers; that didn't work, so we pivoted to marketing it for engineers. That didn't work, so now... it's consumer hardware? It's for doctors? Soldiers? Who knows, just wait a few months and someone will fund a new excuse.