If you said Meta research, I'd believe you. Between Cambridge Analytica and the Metaverse that billions of dollars was wasted on for releases that don't even compete with VRChat, I really don't know what to conclude apart from a lot of busywork going on there from the past few years.
Yeah, personally I can't see what Meta actually deliver with 86,000 employees. Facebook, Instagram and WhatsApp have barely changed in years, they even all still have most of the same bugs I experienced about 5 years and 3 phones ago. They go through occasional restyling which could realistically be handled by a few teams, and Messenger gets features removed (events, polls etc) but hasn't added anything valuable since replies and reactions years ago. Not to mention WhatsApp still looks like it was built using components from Android 4. The Metaverse seemed entirely misguided, considering nobody in the world really ever wanted janky VR telecommuting, and they have failed to deliver anything revolutionary there so far - footage they've released seems like a worse version of both VRChat and Second Life, which is saying something.