It’s not strictly true that it didn’t mean anything, but I would say that it consisted of a couple weakly-defined and often mutually incompatible visions is what could be.

Meta thought they could sell people on the idea of spending hundreds of dollars on specialized hardware to allow them to do real life things, but in a shitty Miiverse alternate reality where every activity was monetized to help Zuck buy the rest of the Hawaiian archipelago for himself.

Cryptobros thought the Metaverse was going to be a decentralized hyper-capitalist utopia where they could live their best lives driving digital Lambos and banging their harem of fawning VR catgirl hotties after they all made their billions selling links to JPEGs of cartoon monkeys to each other.

Everybody else conflated the decentralized part of the cryptobros’ vision with the microtransactionalized walled garden of Meta’s implementation, and then either saw dollar signs and scrambled to get a grift going, or ran off to write think pieces about a wholly-imaginary utopia or dystopia they saw arising from that unholy amalgamation.

In reality, Meta couldn’t offer a compelling alternative to real life, and the cryptobros didn’t have the funds or talent to actually make their Snow Crash fever dream a reality, so for now the VR future remains firmly the domain of VRChat enthusiasts, hardcore flight simmers, and niche technical applications.

Xbox Live matchmaking was easy, sure, but before it became the norm on PC self-hosting servers was far more common, and there was something about the culture of a well-admined server that automatic matchmaking could never replicate – and in my opinion gaming as a whole is worse for losing that. Anonymous and unaccountable public lobbies give so much more leeway to assholes than you could get away with on a clan-hosted server.

All these companies that are suddenly having layoffs and/or enshittifying everything at once all shared the same basic business model (pardon the Bronze Age meme format from Slashdot…):

• Give goods or services away for free
• Attract customers on the basis of getting goods or services for free
• ???
• Profit!

Years of basically free debt service and stupid VC money let them kick the can down the road for a long time in terms of figuring out what Step 3 was gonna be, up to the point that many such services didn’t even bother, replacing both Steps 3 and 4 with “Sell to whichever FAANG is sucker enough to think they can leverage our userbase for their own product.” High interest rates have suddenly put a stop to the money party, though, and now they’re all scrambling to find ways of aggressively monetizing their services.