It sounds like they want to compete with VRChat since VRChat can do almost all of their stated goals with the added bonus of users being able to create and upload content, and despite the name, you don't need VR hardware to play it. The only thing listed that VRChat doesn't have or can't do is a single, giant world.

Also they state worldbuilding will have a "catalog of objects," but VRChat worlds are just Unity levels, so you can put whatever you want in there. You're not limited to a "catalog."

I'm pretty convinced they wanna compete with VRChat.