1. Nobody knows "where they need to be" to become suitable for mass adoption. Definitely better than they are now, but personally I highly doubt I'd feel comfortable using a full VR headset regularly unless it was a "full dive" experience where I don't have to use a controller.
2. Hardware is a lot more difficult than software. Facebook's hardware track record is non existent beyond what they acquired with Oculus, which was a startup.
Apple has more experience designing and producing hardware than Google, Facebook and Amazon combined and if they don't think the tech is ready, it's probably not ready.
3. Why is Mark Zuckerberg the face of this? People find him talking so uncomfortable that they make memes about him being a lizard person. That more than anything is what makes it feel like a billionaire's vanity project. How is he being allowed to bet the entire company on this? Does the board have any real power? If I had any kind of significant equity in Meta I'd be really concerned right now that the CEO seems to be in la-la land and is issuing missives telling his employees to quit.