If you forgo the projector part and replace the mirror with a transparent LCD, it’s just too close to your eyes and you can’t see anything. If you add a microlens array to the LCD, now the LCD might come to focus but background becomes way too far-focused, and you can’t see anything either.
If we were on an Enterprise-D, I guess I could just ask replicator for a passive illuminated metamaterial light field image combiner with integrated processing than runs on bus power from DisplayPort input, but we are not there yet.
So, for now, our AR HMDs can only brighten pixels against backgrounds.