Yea I think VR with cameras would work. But it's certainly going to work differently however; let's take an example: I want a new chair to go into my existing office setup.
Using hololens I can browse a catalog of chairs and position it by my desk, and take a look at different examples of what it would look like in terms of styles and colours.
You could do this in VR, but it requires so much more power. Hololens would only need to render the chair, and only the chair, while VR would have to render an entire room, and the desk, and all the stuff around it to have the same effect. With VR we're trying to emulate reality (something we're only getting somewhat close to today), while AR relies on reality as a foundation and augments the virtual pieces into your world.