There will never be an iphone moment because its not a product useful to literally every person. Gaming consoles and PCs have not had an "iphone moment" after decades because their market is and always will be limited.
I don't see why people are so obsessed with instant and explosive growth. Almost no recreational product has seen this kind of growth and they have all continued to exist just fine.
VR is ready today if its something you want. Its fun, cheap enough and has loads of games. If you hold out for something better you will always be waiting because there will always be something much better in 5 years.
Once upon a time, the iPod wasn't useful to every person, because not everyone wanted to take music with them wherever they went. Nowadays, if you don't have a phone in your pocket that can play music, you're in the minority of the world population.
I think that at some point there will be an iPhone moment for VR. However, I think we're still far enough away from it to not know what it'll look like.
"Dad we need more iron ore. Dad, make sure the furnaces have coal in them."
Eventually my kid worked out that you can build generators, effectively coding it in MC bricks and providing infinite resources. Probably the first time he's coded something, he just doesn't know it.
This made my evenings a bit less monotonous to start with, but then I was managing a factory instead of hacking out blocks underground.
One thing I never understood about the game was how TNT and minecarts are supposed to work, economically. It seems you need to kill creepers to get TNT? That takes time, even if you make a farm. And then when it blows up, it doesn't really blow up enough blocks to make it worth the time, surely? Same with the tracks for minecarts. How does the investment pay off? You need a huge amount of iron to make the tracks, and all it lets you do is transport stuff about as fast as riding a horse.
TNT is sometimes worth the time it takes to make. Every block in Minecraft has a blast resistance, so if you're using TNT underground, you're running into stone blocks that will shrink your blast radius. On the other hand, TNT can be used on the surface of the desert to get sand quickly and profitably. It can also be used at the lower levels of the nether to blow up a bunch of blocks in the search for netherite scrap.