It's not very likely anyone will offer a privacy conscious VR product, at least any more than we have now. You can run a relatively "Open" VR stack with Proton and Linux, but that's not really marketable to major audiences. Even selling it to Windows users didn't really work.
The last chances of a truly privacy-respecting VR experience dried up when "The Industry" walked away from OpenXR and other efforts to treat VR like a first-class technology and not a toy. Maybe not the worst choice in hindsight, but it's also the one that lead us down this road of "product-ized" virtual reality.