Yes, the hardware is just a useless piece of shit /s
Not my point; it's certainly not $2bn good.
I thought the product was what excited people, not the name.
I'm sure their product is a good thing, but there's no reason to believe someone else couldn't enter the market... maybe someone named Sony? There isn't even a market yet! The Rift is cool because it's the "best in class", but there isn't even a class yet.
It's exciting because they moved first on this new wave VR, but they haven't released a product so they've barely "moved" at all. Oculus hasn't invented some wild new technology, they're putting software on top of commodity display hardware. The VR problem certain isn't trivial, but it's not unassailably hard.
The only thing Oculus in particular has going for it is a bit of a head start on hardware, and a ton of a head start on brand. People call the Morpheus a Rift competitor but that's not accurate at all: they don't compete because neither exists yet. However, Oculus owns that mind-space because they've been making noise about it.