The tech is 100% there for a fancy video call. The major issue is, beyond that, the tech is quite expensive to run and build and despite enabling novel experiences they aren't compelling enough to reach critical mass and justify the cost.

The work to make or even use a proper VR app or game is so so much more than the flat equivalent and there are only some added utility for spatial input. Tech can certainly improve some of that...

But a VR video call is solved... You can do it mostly out of the box with an AVP but who is going to buy a $3k device for yourself and anyone you want to call and then have a couple calls and never use it because its not worth the hassle to strap it on.