I wouldn't describe the presentation as idiotic but it was hard to take seriously. The dream of immersive VR experiences showcased in Snow Crash and Ready Player One will be realized.
But it won't be soon, and the ideas shown in the video--like the surfing game--were the kind of ideas that litter the floor of the App Store.
Compelling product experiences, especially on new platforms, are extremely difficult to craft.
The taste of the creators must be exceptionally good and in this case the hardware quality and onboarding experience must bowl over anyone who touches it.
The Facebook video for Meta looked very speculative. I suspect Meta was planned for 2023 or 2024, but was rushed out the door because the brand was getting pummeled.
In that way, changing to Meta was very effective at derailing the negative attention. But not actually having a there, there is a problem when the chicken comes home to roost.