VR has amazing potential that current gen doesn't have the power to achieve. It would be a shame if Sony didn't invest in VR for PS5. Most of the R&D cost are already done, improving the VR hardware for PS5 will be much easier now. Gaming is only one of VR possibilities, it can also be used for education (like virtual museums) and it is already being used in medicine (as a complement for physiotherapy treatments). The more popular and mainstream it becomes the more all those areas will benefit from it.
No one's even scratched the surface of the bottomless R&D pit required to actually get VR to where people imagine it should be. That's a lot of the problem. People want The Matrix. They don't want to push phone LCDs against their eyeballs while wearing a sweaty helmet. As Mike Abrash has gone into great detail about, basically none of any of the big questions are even understood yet let alone "done."
Can't see Playstations seriously being used for medical applications, either. There's just something inherently contradictory between the wild west experimentation that VR's going through right now and locked down draconian walled garden platform holders like Sony. You can't just "try" stuff on a locked down platform like that without jumping through 5 billion hoops. I think this is part of the reason the Vive's blown Oculus out of the water in sales. Facebook's transparent attempt to lock everything down is at odds with the whole sales pitch to VR devs.
I think it's also important to note that, relative to launch, the PS Move sold more units than the Playstation VR's sold at the same point in its lifespan. I wouldn't get my hopes up on VR. There's still absolutely no indication that anyone has a compelling use case for it.