Well they are leading it right now and no one is really stepping up to do anything about it unfortunately.
Sony could if they were game enough to compete with the Oculus Quest and build something that would work either standalone or wirelessly with a PS5 to handle more intensive games. Same goes for MS ofc.
I think the big fuckup by FB/Meta here is not having the foresight to acquire Unity no matter the cost. They should have made a massive stock deal for it even if it caused their own stock price to take a massive hit in the short term.
The long term benefit of owning the most pervasive toolchain + the most dominant VR platform would have essentially ensured their market position for the foreseeable future. The only other engine that is half-decent for VR is Epic's UnrealEngine and there is a huge step up in complexity, pipeline etc from Unity to get there.
