Facebook said something to the effect of not requiring a Facebook login at some future date, and said future date has yet to materialize. Neither did they specify what the alternative login would be, but it wouldn't be surprising if it was just a "Meta" account instead.
You have to reach out to their support, but it's absolutely possible. I did it myself with a five minute chat. It's just an 'Oculus' account at that point, like it was before the requirement.
Facebook said something to the effect of not requiring a Facebook login at some future date, and said future date has yet to materialize. Neither did they specify what the alternative login would be, but it wouldn't be surprising if it was just a "Meta" account instead.