While I certainly would have liked to see it find success, the probable failure can't surprise anyone.
Anyone with interest in VR probably had PS VR1 or some Meta device to test the waters, knew this time what tech and improvements they get. Everyone else might still be interested at varying levels but won't buy until the games support picks up. Might be part of the GaaS push later, but their SP cinematics games seem not to do VR-too at all, and I won't hold my breath for that either.
Considering that Switch and also Steamdeck found success, making a PS4P right at the start of the PS5 launch, until cross gen lasts, and possibly a PS5P with some 540-720p-XSS specs soon, would make more sense than half ass trying to bring VR to life.
No PC support
Not enough real blockbusters beside several hardly bad Indie like games.
Capcom seems to do more for it than Sony themselves (and as mentioned above Bethesda probably would have too)
No HL Alyx
Not even a proper partnership between Sony and Meta
The price seems like they knew it won't be mass market anytime soon, and they said: f.. it, we better make at least some buck from all enthusiast sales.