Even to me as a VR enthusiast, the Metaverse is completely unappealing. And VR/AR itself has very little to do with it.
The internet would not be where it is today if it was managed by a single company that dictates everything that happens in it. It took millions of independent people and entities decades of work to develop personal computers and the way they connect to each other into a form where the value of an expensive box of computer chips becomes undeniable and even your grandparents can't live without one.
In many ways, the Metaverse is trying to repeat that process, only a shady company is in charge of everything and tries to convince people that this is like the internet but better, and let's just skip to the part where this is wildly successful.
In the 80s you could take a computer and a modem and host a BBS. At the end of the 90s you didn't need much more than that either to host a website. You didn't have to ask CompuServe or AOL for permission. Even back then you could technically "buy" your way into some "piece of the internet", but it wasn't exactly the way to success either.
To me the top-down approach of all this is one half of the problem that is basically unfixable if you're a for-profit, publicly-traded company led by someone who had a lot of success one time and now has enough money to pretend he can make anything happen with enough billions.
The other half of the problem is the "designed by sales" mindset.
You put a bunch of people in a room, who always seem extra motivated right after they come out of the bathroom. And then you pay them to come up with ideas that make a lot of money. They will go "What's the best thing in the world?" "Sex!" "Correct, what is the second best thing in the world?" "Pizza!" "Also correct. Now what if we combine those two, and make a service where you can make love to a pizza?" "GENIUS!"
And then you get a product that people are very excited to sell, focusing 100% on all of the money they are going to make with it, but nobody including them would even think about actually using it. I feel like that is extremely bad in gaming right now, but it's really happening wherever someone has to make a lot of money with minimal risk, minimal creativity and minimal understanding of why anyone actually pays for things that happen to be vaguely similar to this.