It's not at all, no. There's plenty of compelling games, there just aren't any AAA games (not ones built for VR only anyway) because the market simply isn't big enough to justify the incredible production costs.
If you're dead set on only AAA games then yeah, it's not a useful purchase, but that doesn't mean it's "standing still".
If you're dead set on only AAA games then yeah, it's not a useful purchase, but that doesn't mean it's "standing still".