I would argue it is. I've got a Quest 3 sitting next to me and I think it's great.
I can't speak for the deranged expectations, hype cycles and back-lashes over the last 5 years. And I think Meta's R+D budget is pretty hard to justify. But I don't think that reflects on their current product range (which could have been matched with a much smaller budget - and to some degree has been)