The direction the Oculus/Facebook have taken with the Quest line addresses many of these issues (sacrificing quality of the graphics). VR is possibly going to have its breakout moment.
The first generation of Rift dev kits came out in 2012, and the consumer version didn't ship until 2016.
https://www.theverge.com/2013/10/18/4853108/oculus-cto-john-...
> "The way I believe it's going to play out is you will eventually have a head-mounted display that probably runs Android as a standalone system, that has a system-on-a-chip that's basically like what you have in mobile phones," Carmack said during an interview with Engadget. At least for right now, the VR device relies on its host PC to assist with its immersive functionality.
> "Maybe that means you can only do Quake 3 or something inside there," said Carmack, the man who himself helped build franchises like Doom and Quake at Id software before joining Oculus. But he also predicts a "best of all worlds" scenario where such a headset would still be able to connect to powerful PCs for higher-end games. But an untethered experience offers many benefits, he said. "It does make a big difference not having a wire dragging off your shoulder. It's significant."