I still own it, just go through phases of using it and forgetting about it. The biggest drawback is time as the sessions are between 10-60 minutes. In recent years I've used it to help induce sleep when I'm having issues there. It's been in storage for the last few years as I've been nomadic.
AFA a headset being able to induce the effect, the main requirement is a high lumen output, that's why LEDs are used.
Aside from that it would be nice if somebody knows about a meta quest app that might achieve similar effects. Is that even possible?