For entertainment, real-estate previews, watching movies together, the experience, learning & simulation, and art modelling its great, but other than that not really. VR social chat is not going to be a big thing, even after gen-Z. People tend to forget what social chat is for, communication. VR just adds no value to that process.
If someone wanted a VR social experience, we've had MMOs for ages. VR social might as well be a VR gaming MMO. It needs to provide a medium to spur social interactions. That market is not very big, although Roblox (10MM average users) would be an interesting market to look at to see where that goes. Your market segment in VR social is going to be smaller than an MMO, which tops at around at 10MM as well. Instagram has 800MM users. Population of america is 300MM+. Put numbers in perspective, its a niche market and won't ever be big. To make a profit, you would have to dump an incredible amount of investment in comparison to making a simple CRUD app. RoI needs to be justified.
VR has already been around for 15+ years, I grew up playing VR games at Disney as a kid. This market is not new. VR is only fun for certain games as well, generally the same games that made Wii and Xbox kinect fun.
Even if VR/AR became entirely portable and seamless, its still not going to have widescale adoption. You can't replace real life.
VR's biggest profit potential is towards small niche groups of people with alot of money to throw around. Much like the mobile game market works, only a few users contribute 90%+ of sales citation needed. Currently, DoD is using VR/AR for leadership & simulation & hypothetical scenario training, because mistakes / setups are expensive and cost lives.
VR gaming will never be a big market until the cost of equipment goes down. And frictionless setup / no context switching. Its still a very high barrier to entry, and a high cost to maintain.