It's also very highly customisable without being monetized out the wazoo, allows you to host your own servers, and in general avoids the incredibly bland corporate image that meta projects.
(Meta, I think, fails to understand that the people that most want a virtual space to interact with, to the point of putting up with the limitations of VR tech, mostly want to not look like regular people in that space, because they keep pushing a vision that seems to be a uniform 'normality' even more extreme than the real world)
I think they also would not accept that variability, in both avatars and spaces. Even VRChat developers have struggled with what users do and frankly as a company that makes total sense. It's a wild west which is great for a community, nightmarish for a company with moderation liabilities, copyright concerns etc.
The VRChat community should consider forming and funding an open source group to re-implement the platform as it will eventually get regulated.
For what it's worth I don't use VRChat, I've just been around the internet for long enough to know the pattern.
Yes, while VRChat does a lot of things right, the VRChat company definitely doesn't seem trustworthy in the long run. It's an aggressively walled garden where the company has full control over both content and narrative, and we're starting to see more aggressive pushes for revenue, with the major new features in recent months being subscription-gated or addiction bait (stickers, baubles, random reward boxes, etc). I'd love to see an open, federated VR social environment, but how do you get people to use it? Many VR users aren't technologically savvy at all.
There are currently two much smaller competitors that are perfectly usable but lacking community buy-in. Chillout, which is similar to VRChat, with some improvements the community has wanted for years, but missing some of VRChat's (admittedly excellent) homemade functionality, such as better IK code, better bone dynamics, etc. And Resonite, which is more similar to SecondLife, possessing a cross-world inventory system and in-game content authoring tools.