I agree with almost all of what you said. There's basically nobody who's made money selling VR hardware, 99% of VR games are extraordinarily primitive, motion sickness is a major barrier to making more diverse kinds of games, the barrier to entry is high (you need a high end PC and you have to set the damn thing up, both initially and every time you want to play it).
But there's one small thing - it can be fun! and LOTS of it!
Job Simulator is my go-to so-you-wanna-try-VR game. It's fun. It knows what its limits are and create fun within them. It's silly. Anyone can play it! It's like the fun of the point-and-click games of old but in VR.
Every single person who I've shown - from my mom to my wife to friends - has been absolutely blown away by how readily your brain accepts the VR world as "real". Your brain's ability to "adopt" the VR hands is just a magical thing to experience, and so fun!
The same goes for the Valve VR demo thing whose name I forget, where you're in an Aperture lab or something and can go through portals to do different minigames as well as mess around in the lab itself.
It reminds me of Wii Sports for the Wii and the motion-sensing wiimotes. Some cute demos (and nearly some full games in their own right) that show off the hardware, and the spark is truly there and your grandparents play 200 hours of wii bowling, but then nobody can figure out where to go next. People didn't like it in Skyward Sword. So eventually it's kind of ditched for the Wii U and then kind of brought back for the Switch Joycons but only to be trotted out every once in a great while for a quirk.
We seem to kind of be somewhere in there for VR except that some companies scented THE NEXT BIG THING and tried to be the google/facebook/amazon/etc of this new paradigm but they all got collectively wiimote'd. So the comedown is a lot more dramatic than just the WiiU not having a remote.
I hope someone figures out google glass and AR stuff though. And not just the garbage AR that pokemon go et al call "AR" where it's just "look we put your phone's camera as the background of the scene" and they use GPS + PoI's. Real AR like I'm the pilot of a damn evangelion and it's giving me readouts. (JARVIS/Iron Man might be a more recent reference that I would also accept as well).