It’s premature to say that the idea failed; The flashy controversial “metaverse” angle where you can live your whole life on the Quest or whatever isn’t happening, but their investment into AR/VR has definitely started to show real payoff potential with their glasses.
They address the friction of use issue being discussed, they’re even more discrete and available than a phone. And they are getting a lot of general public recognition, albeit not for the best reasons (people discretely filming, for genuine social media reactions but also for other reasons..).
Their tech is improving at a decent pace and they’ve recently put out a product that is both ready for consumer (at least with select use cases) adoption, and actually reasonably available to the public.