Another fad that is just collecting dust like the very same thing did a generation ago. Now to compound problems for 'meta/facebook' Apple is still trying to be competitive in this dying fad...
More like 3 generations. They've been trying to pull off VR since the late 1980s. It will never work until it is at "Ready Player One" level.
You may be correct about the 3 generation thing now... Now that I think of it, when did Nintendo first come out with the VR set and the 'Power Glove' gimmicks? It may have been late 80s. --- Ok I checked, 1989.
VR does have a bit of success in the Porn industry. I would say mainstream porn is still just 1080p or to a less degree 2160p, but some of the top studios have moved over to VR as an add on product. Really VR is just the natural progression of gonzo/POV Porn anyway. I don't know if non-Porn VR will ever take off but Porn usually does lead in their use of new technology.