There are many reasons why!

It is just the regular Internet but in 3D. Do you know what happened to 3D TV? 3D is better, but generally not sufficiently better for all the extra effort. Where it does work great is games, and we already have them.

You can play games. We already can, in 3D. No need for a new system.

You can hangout with your friends. Aside from group chats, none if the hanging out in a room concepts have taken off, and startups have been trying for decades. It is just like how we mostly prefer text over talk, and talk over video chat.

There is no compelling reason for a system. Aside from, you only create your avatar once, and add your billing details once. For attending a virtual concert, using a world-building sim, meeting friends or getting your avatar to dance – there is no need for a single system. It would stifle innovation.

Why now? We have 5G now and in theory some aspects of a metaverse might be better because of it. Otherwise, there have not been technical limitations to it being done before (it was, Second Life). There just wasn’t the interest.

It has been done before. Second Life was exciting, brands joined in, and then, meh. Fortnite is essentially doing it and has most likely reached the limits of what can be done.