Frankly the peak Metaverse product has already been invented - VRChat. Just like RP1 everyone uses avatars that are based on some IP, there's potential for boundless creativity which means there's a few really cool things and a lot of crap, you can even code minigames in it like the server I used to frequent which had jets you could flight sim around in.

Every corpo that wants their own meta project is starting well behind the power curve of "look how you want, be in any world you can imagine", and is doomed to failure unless they get serious AAA money behind themselves and develop something compelling on its own - but you can't do that without the promise of a return on investment, which there won't be until the metaverse gets big, which won't happen until there's AAA developers working in it, and on and on.