Pretty much this. In gaming terms I'd say VR is still at the Atari 2600 phase - lots of initial hype and investment in something new (home video games) that has been churning out more garbage than gems because of it. Combined with high prices, it's still not a viable mainstream market.
In a few years we'll probably see a combination of factors come together (lower price, better technology, more advanced software, experienced developers) that will culminate in the devices becoming successful.
Wasn't there a massive industry crash in between getting from those points A to B?