You’ve nailed it. Ordinarily, Apple is good at throwing its weight (money) around to make things like this happen, but it seems like there weren’t many takers this go-round, so we just got an overpriced, beautiful and fascinating paperweight.
That’s why the biggest use case for VR has been gaming and metaverses. It’s a ready-to-go thing that adapts well, but it’s certainly not for everyone. For my part, I’m saving up for a PS VR2, because it’s adding PC support soon and I already own a PS5 as well. Far, far cheaper than Apple’s device, and likely quite good still.