The reason remains the same from the very begining of the VR hype - it has no games, literally.
There is this general misconception about VR that it's just a "new kind of display" - no it's not, it's also a completely new way of input/controls (and a very inprecise one for the matter), hence it requires the applications to be completely written around that concept. It's a seperate entity, just like Kinect and PS Move - they didn't storm the market (let alone replaced the ordinary controllers) after the same huge initial hype, because they can provide only so many different experiences, all that could have been done on them has been done, people got bored with it after a while, and went back to typical "comfy couch" gaming.
VR on the other hand is even waaaay more limited, first and foremost, it's first person perspective only by its nature, so you can already throw away 90% of the genres out of the window - does this alone sounds like a good foundation for being any successful? Secondly, the way you control the perspective, look around seperately from your hands makes the input controls super inprecise, again - there's a reason why most of the VR "games" are limited to just walking and looking around, and not a single real FPS ever got a VR patch. The only one big, proper full-game VR ever received is Resident Evil 7, which as I just mentioned has very limited actions you can take, it's basically a point&click game, and the whole game concept was redesigned compared to all previous entrances in order to work under VR, which just proves one of my earlier points. One could say that VR is perfect for racing games, but then again - they provide 5-7 different perspectives, not just the cockpit view, so it's either a VR-only mode or no VR at all, which just further proves how impractical VR is, even in something that seems like a perfect fit for it.
Someone here compared VR with 144Hz monitors - those screens are in fact just a typical display devices, without any connection to imput devices, hence they work on literally EVERTYHING - 1st person view, 3rd personview, racing games, sport games, fightning games, puzzle games, isomertic point&click games like RPG, RTS, MOBA, you name it, even Windows desktop, and because they are so universal the gaming screens market is constantly growing year after year. 3D - kind of same deal, it was just a display type, that could have been applied to any type of game, the only problem with it was that it came out waaay too early, they tried to promote it on consoles which run "2D" games at laughful 600p and 24-26FPS, when 3D required double the processing power... That being said - in a 4K 60FPS era, I would love to see 3D coming back to life in native FHD 60FPS - playing games with large, rich worlds like Witcher 3, Horizon: ZD, RDR2 etc. could have been such an amazing experience. But we will never know, sadly.
But going back to VR - it truly amazes me how people can keep being blinded over and over again by the next, supposely better VR because of simple resolution or refresh rate bump, I mean, I could make a 2x16K 240Hz goggles, but guess what? They would still have no games. It's not made for games, simply put. It's only a matter of time when people realize that VR is a dead end, I fully understand that hope dies last, and there are many many people out there who invested quite a fortune into VR hype train, but I'm afraid the hardware will be never put into a good use.