As someone who's tried most VR tech since the early 90s, all my experience with the current generation suggests that the tech is indeed good enough.
In particular, I get lost in the Steam/HTC Vive setup my friend has every time I use it. Google Earth alone is a killer app, if you know where to go (I'm a climber: try Yosemite or Eldorado Canyon in Boulder, they've imaged the cliffs in both places to the point where you can actually see the handholds and make out routes). The paint programs are surreal as well.
I get motion sick easily. This is the first generation of VR gear that I've been able to spend 30+ minutes with the headset on and feel fine afterwards.
So, why don't I have my own VR setup? Two reasons: (1) cost and (2) I have half of it. For the latter, I purchased an X-Box One X for my son specifically because MS was setting it up as a VR platform. $500 for a game console was steep, but the hardware was right for good VR. Unfortunately, MS has now signaled that VR is not coming to the platform and I've overpaid for a gaming console. (yes, I should have just bought a PS4)
Cost, and to a lesser extent the hassle associated with that cost, is what I think is the real issue. Without a consumer friendly setup in the $500-700 range all-in that supports all VR content (PS4's problem is content), it's just too expensive to get started. I don't want to drop a few grand on a high end gaming PC, then the hundreds on the VR gear, plus the time it will take to setup and maintain the PC. It's just too expensive in money and time commitment.
The tech is there. There are compelling apps. It's just still too expensive to get started.
-Chris