The metaverse stuff is really, really embarrassing. Second Life has existed for 20 years and it's a fun novelty.
As a Second Life user and creator, and client developer, I agree. I think Second Life could be bigger if the technology was improved, and can see ways to do that. But the concept will not scale to Facebook levels. Besides, we have no way to do full dive technology in a home environment. (Location-based, maybe. The Star Wars Experience and omnidirectional treadmills indicate it's not impossible with enough space and machinery.)
What will scale, and I suspect this is Facebook's vision, is AR goggles. Facebook, in your face, all the time. The dystopian vision of this is the "Hyperreality" video.[1] That's all too achievable, and very much in line with Facebook's business model.