It makes sense to rebrand anyway, because I'm sure they don't want people to only think of "that social media site" for all of their other ventures. Just like Google rebranding as alphabet
I don't think Meta has nearly that need. It's "other companies" are Instagram and Whatsapp, which are basically in the exact same space as Facebook.
I think it was a desperate lunge away from that toxic brand toward ANYTHING else. Zuckerberg put his money on VR, given the pandemic and the mild success of Oculus.
Betting big on the metaverse in particular was a mistake, but it might have helped keep the Facebook stink off of products like WhatsApp and Instagram, which remain pretty popular among mainstream audiences.