It suggests that most of the rich media (text/image/video) we interact with have yet to find a compelling application to be represented in 3D.

I don‘t think there is even a need to translate/represent most of that (text/image/video) to 3d. VR was not invented for that purpose but rather to „present“ 3d media in 3d space. So the ultima ratio now is a device which is a basically a private monitor? While great for spacially confined waiting situations this falls short with the original dream.