The tech is not there.
It's been tried before with Second Life and was garbage.
There's an unbridgeable gap between the hype, what people will invasively strap to their face that makes them want to throw up, and actual unmetered real-world experiences like a hug.
My impression is that the facebook metaverse is jumping right to the end state, with rules and bureaucracy and casual users, with no actual core fan base or community. If it succeeds at all, it will have all the baggage that comes with the exposure of a big platform, without the core aspects that made it successful, because it wasn't forged from market success, it just got made up one day.