VR and AR, which is borderline related technology-wise, have a lot of real-world use cases and can actually improve the overall quality of life. They are not just toys to experiment and play around, they can lead to serious technological advancements. We live in the information age, if it were me I'd say that the pinnacle of this "information" age would be accessing all kind of information from everywhere. And to do that, you need to actually immerse yourself into it fully.
Imagine visiting your friends or parents or relatives in another continent, without having to move from your chair. No, not like Skype or whatnot, actually BEING there with them. VR can give you that (and in the future, it can give you force feedback and tactile feedback too!). You will be able to visit the Coliseum in Rome without moving from your NYC apartment. You will be able to commute to work in milliseconds without having to get up from your bed. People with moving disabilities (like a wheelchair or whatnot) will be able to walk again and interact with people as they never have done before.
Furthermore, VR can be used to train people in several jobs, like being a pilot, a surgeon, a firefighter or whatnot. Even put people in situations they have never been before. It can be used by psychologists and doctors to treat patients, diagnose mental problems, study and research some conditions of the mind, etc etc.
Last, but not least, AR can provide an additional layer of information on top of our everyday life. Yes, VR gets you stuck in a chair at home and you will never go outside, but when/if you do, there is AR to assist you. You will be able to interact with every terminal around you while walking down the city (or at a park, or whatnot). You will have an overlay of information and knowledge on top of reality that will not only make your life easier, it will AUGMENT it. Nevermind hiring a guide when you want to actually visit a museum, you can just pop on your AR kit and tap into the knowledgebase of every person in the world. Just there, at the tip of your fingers.
Anyhow, let's be real, AR and VR are damn cool anyway.