Many metaverses already exist and Facebook is trying to enter an already crowded market. But the problem is, people don't want to connect that way. The set dressing that online virtual communities provide is actually an obstacle that gets in the way of the act of communicating.
People don't want to see an avatar, they want direct video feeds from a phone's camera. They don't want to waste battery life rendering 3D environments, physics, and interact with game-like controls to try and find each other in a virtual environment. They just want to pick a contact and begin a conversation - and have multiple conversations going at once that they can bounce between. They don't want emotes, they want emoji and stickers.
And when people want to play games, to interact online, those already exist. And they are custom built to achieve their purpose. Games in online virtual worlds are typically created within the same engine and framework as the social environment and end up being clumsy imitations.
Metaverse is cumbersome and unnecessary, and is just a niche novelty.