I'm going to go out on a limb and say that the metaverse isn't a bad idea, but the implementations just aren't there yet. Or at least, folks aren't coming up with applications that are both compelling and supportable with affordable hardware.
Google Glass had similar problems.
Eventually someone's going to nail both these things, we just haven't seen it yet.
I can see the tech being super interesting for video games. But the angle of going to work, going to a mall etc. in the metaverse is just super unappealing. The nice thing about working remotely is that I don't have to go to an office and the nice thing about shopping online is that I don't have to go to a mall. So, why would I want to emulate the these things on a platform where something better already exists?
Sometimes going to work involves manipulating things in a hazardous environment and VR can make it easier to do that sort of stuff remotely. Similarly, augmented reality makes it easier to do things when you need dynamic information about a task and you've got your hands full doing the thing.
Get VR and AR _really_ good for those sorts of use cases (and I think there's some money in that stuff) and it becomes a lot easier to expand into other areas.
Google Glass had similar problems.
Eventually someone's going to nail both these things, we just haven't seen it yet.