It's quite obvious that these devices are a prototype for some eventual immersive AR glasses. Sure, they are currently bulky and heavy and have poor battery life and block your face. But these companies hope to eventually iterate all of that away.

This is the groundwork. But I don't know if they have a larger vision (pun intended) other than "oh shit, the smartphone industry has been conquered and now sees diminishing returns, we need something else to generate revenue".