The Metaverse done right would not just be another VRChat app. It wouldn't even be an app in the classical sense. It would be a digital platform that combines all the other existing platforms in one unified experience. You can see bits and pieces of that all over the place right now. Be it things like Microsoft's PhoneLink allowing you to stream your phone to your PC, Apple's Universal Control allow seamless sharing of mouse/keyboard between your devices or SteamLink allowing you to play PC games on your TV. All of those break down the borders between devices.
Now imagine that applied to a AR/VR headset, instead of the headset locking you out from the world, it enhances it. If you look at your phone from within VR, you can still see it, but since you are in AR/VR it can now display content beyond the limits of the physical device. And things get really interesting once you start adding multiplayer on top, as now it's not just you that can look at your own devices, you can also invite friends and see what they are up to on their devices. Teleconferencing and screen sharing would become trivial and automatic, it's not something you have to setup, it's something you can just do by meeting up with people in the Metaverse.
All that said, I don't expect Facebook to build this. While they certainly are throwing money at the problem, they seem to lack a real vision on what to do with it. Even now, almost 8 years into VR, they can't even manage really basic stuff, like making their VR offerings (e.g. Venues) available on other headsets or using VR for their own presentations and conferences, those still happen in the form of plain 2D video. There are apps on Quest that go in that direction (e.g. Immersed), but Facebook still has a lot of catch up to do here. Facebook Horizon so far still just looks like a lame VRChat clone, not like a proto-Metaverse.
Microsoft did a lot of good groundwork with WMR Portal, if they would add multiplayer to that it might be the closest thing to a Metaverse on the market right now. But so far they don't seem very motivated pushing it forward, WMR Portal hasn't seen any substantial updates in years and the WMR headset brand has been decimated and only a single headset is left on the market. Though they are bringing Microsoft Teams to Quest2, so they haven't given up completely.
Apple on the other side might be able to build this. They control both the hardware, OS and a lot of the services, so they can make a headset that tightly integrates with them all. If they can release a headset that can compete with a monitor in terms of resolution and clarity, that might be a start of a Metaverse. It might still end up being a very Apple centric Metaverse of course, but it would be an actual product, not just hollow talk. And given how things have worked in the past, it might inspire a lot of other manufactures to jump on the hype train.