Unfortunately it's not going to fix the tracking issues (more than likely, since the bottleneck there is the PS Camera).
The PSVR headset is a great piece of tech and a fantastic VR headset, but my experience with it has been subpar because of the terrible, terrible tracking. Using PS3 Move controllers doesn't help, either.
I love VR. I've got a Rift and Vive, and while I never expected PSVR to compare to either, it's definitely a lot worse than I expected it to be. I was all about getting the PS4 Pro to go along with my PSVR, but I'll more than likely just keep my PS4 and maybe even sell my PSVR.
I'm really disappointed that the PSVR will be so many people's first and primary interaction with virtual reality. VR is so immersive and awesome, and I'd love if it takes off in the gaming industry, but the PSVR is definitely not going to help the overall opinion of it, I think.