The audio experience itself, sure - "Want high-end audio without breaking the bank and remodeling your room? Get a pair of decent headphones." has been sound (heh) advice for decades.
The surround sound part, though? Eh, not quite yet. I mean, on paper, they have the ingredients - (personalized) HRTF and head tracking. But in practice I found even the personalized HRTF somewhat underwhelming, and knowing what's possible from the VR world the gap is still significant (IMO the Valve Index off-ear solution is still the pinnacle in immersive positional audio without surround speakers, even without personalization of the HRTF, I haven't really tested the AVP implementation yet, though) - which leads me to second, IMO even larger issue:
Extremely limited usage scenarios. For the living room, it's basically just supported Apps/content on AppleTV. Compared to the reality of a standard AVR (or even just Soundbar) plus surround speakers setup - take any multichannel input (LPCM, DD, DTS MA, Atmos you name it) and output surround sound - that's...just not a substitute. And that's not even getting into latency issues with gaming/interactivity (a general BT issue, though, at least it's slowly improving...).