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.