The metaverse isn't VR in general, it was meant to be a virtual space in VR where users could be advertised to and buy/rent things and space like in a physical city.

It failed because those were the intended starting points, and it didn't solve any problem other than a shitty attempt at a "I want to live in a ready player one world" and didn't have any compelling reasons to actually use it, let alone use it and pay ridiculous amounts to do interesting things there. They always just wanted to be the middlemen, offering space for others to pay for and do something interesting in. The most interesting thing they came up with is having a meeting with avatars instead of faces on a screen (and most people don't even want to turn on their video and just do a voice conversation instead).