VR has always been limited by the fact that you cant actually use it for more than 20 minutes or so before you start feeling all sorts of discomfort. Hardware has to advance to the point where you can be comfortable in a VR world for an indefinite amount of time. Then after that milestone is reached, you have the normal problems of having to wait for the actual killer applications to arrive. So even though the total hardware solution might finally reach mainstream price points this year (less than $500 for a VR headset and polaris GPU), it is going to be another year at least before it can take off.
VR is definitely not going away though. It is NOT going to fail. Within a decade, you are going to be able to walk around 24/7 with a headset on if you so choose. You will be able to get night vision, UV vision, weather filtering, 3D HUD, a 3D interface to a PC, assisted driving (intersections and lines on the roads will be highlighted on your display), all these things will come.