For the monster hardware it has, Oculus (at least in games) can only rival a PS2 in terms of polygon count. Pair that with the 5% GPU utilization metric and you get that this device can handle a whole lot more load and it's just being used inefficiently. I'd even use the word 'wrong', people within Meta made 'good enough' libraries and called it a day, and he's mad about that.

This thing has billions of dollars poured into it, and all you get is PS2/PSP level graphics? No way, man.

Carmack of all people knows the kind of feats this machine is capable of, having worked complex optimization problems in the RAGE Engine and the old Quake engine too.