As I see it, there are some technical (even physiological?) hurdles, that they need to overcome.
1) "Teleport to move" is horrible, and sucks the feeling of immersion right out of the VR experience. Sadly, true "walking" with horizontal movement without accompanying angular momentum causes nausea in most people - hence teleporting as a solution. This as I understand it is a physiological system that is at odds with the VR world and while not everyone experiences it most do.
2) The resolution. It's hard to feel immersed in the world when it's so blurry. This is especially true for VR. VRs selling point IS immersion which IMO is an all-or-nothing experience. A blurry view detracts from feeling immersed in the world.