VR is one of the faddy things that, once a generation, some bright spark thinks they can do "properly this time", picks it up, makes some demos of it, realises that it's expensive stuff that needs high-end and portable equipment sold for a reasonable price to lots and lots of people to succeed, slips away into a corner somewhere until people forget about it, and then reinvents itself with the next bright spark.
In the early days of VRML, the same happened. Quake was around. A full, 3D, accelerated environment that could run on commercial PC's, benefit from full 3D vision, and the VR hardware was "the thing" to look at your new architect's idea for the local council buildings or whatever. Never did the two get put together.
Now we have ubiquitous and extraordinarily powerful and realistic 3D graphics. Still, explicit support is required because our 3D is really 3D-cheats dependent on the single-viewport way of drawing things. So you have to design the hardware, mass-produce it, get people to buy it, redesign the games to take account of it, then put it all together for a price people are willing to pay for a gaming gimmick that makes them sit at home with a silly hat on.
I have no doubt that we could get a console going with it, and sell a handful of games, and cost a bomb, and people would play it and go "Yeah, it's okay, but you wouldn't play every game like that", and then it'll be on the dustheap again for a while until the next generation pick it up again.
The 3D power is there. We all have cards capable of running at stupid resolutions at stupid framerate that we could easily have "two of" or a "special" card to do VR.
The screens are there. We all have smartphones and high-res displays.
The human interface still isn't. We're still strapping things to our head and hoping our eyes are roughly aligned like everyone else's and presuming that all people have two healthy eyes in relative sync that they can use such things (my girlfriend can't see 3D movies, several of my friends can't see 3D movies, so why would you pay to go to a 3D movie over a normal one? Same problem). We're still dangling screens in front of our eyes and then wondering why they aren't as impressive in resolution and why they have to be so carefully synched and why it costs twice as much as just buying a decent monitor and why we have to drive two cards (or one powerful card) to drive two displays. We're still having to have one-per-person specialist hardware, that's fragile and expensive and cumbersome and hard to mass-produce until we get literally millions of users.
And all for a game. Now games are worth billions nowdays, but at the end of the game it's just a game. All the potential research / medical / whatever uses DO NOT use this kind of technology, even though they could and could probably afford to do so as a one-off. For decades we've had medical-operation-by-remote-control, but we still don't have that or anything approaching 3D vision coming into common use.
Because, at the end of the day, the use-cases are limited of fanciful, and the cost is prohibitive, and the setup is an awful lot of faffing about.
Standardised VR has been suggested several times - never happened.
VR headsets have been around since the 80's - never took off even as part of a Nintendo offerings (maybe a slight wart, but even so - nobody was interested in bettering it).
The capability to even put 3D environments into web pages has been around as long as I've been involved in websites, everything from VRML upwards. We still don't use it or enjoy global browser support for it.
Accelerometers and other sensors have PLUNGED in price since this was first tried - there's still no accurate way to model your head movements.
It's just a fad each time it comes around and the same problems hit. Even with millions in Kickstarter funding, etc. it's hard to produce a handful of working units that developers will rewrite their games for. It's hard to convince people to part with the price of a tablet or laptop in order to move a game into the third dimension (with lots of caveats, of course).
Like battery technologies, when it does take off, you'll find out because your friend actually has one already and you try it out and even your grandma gets one in the same year because everyone else has one (Wii syndrome). Not because of whatever showmanship is put on for you by a company itself, or what research is done, or what prototype device you see a news item on. It'll just arrive, without fanfare.