I think Facebook's (Meta now) Horizon platform on the Occulus rift is close. However, the Occulus Quest is bulky and niched. The games are few and far between at this time. You also have the bulky brick on your face that doesn't tend to give you the comfort needed for longer term communications.
It will take a long time to get there before everyone jumps on the bandwagon so, yeah, it's mostly hype.
RE: Do Not Buy The Hype: The Metaverse Is Nowhere To Be Found