The Vive/Rift and even PSVR have shown that it's possible to make a pretty darn good VR experience for the consumer market. Sure, there are problems but to say they are no different than the 90s VR headsets is just silly. A game for VR isn't drastically different than any typical high end PC game. VR simply requires hardware a bit more towards bleeding edge end of the spectrum is all.
A multi modern setup is simply not capable of giving you the same experience as room scale VR with motion controls. VR in it's current form can't replace a multi monitor desktop environment either. It's simply too low resolution for anything other than gaming. The difference is VR can and will catch up but multi monitor desktop environments won't.
If VR fails it will be because there isn't software out there to justify it's existence, not technical limitations or even cost. Early personal computers were insanely expensive and I'm sure the same arguments were made back then too...
The software is coming. Value has announced they are making three VR games themselves. The market is small so you'll just have to give it some time for other studios not quite as invested as Valve to catch up.