PSVR2 is undoubtedly flagging all for its own reasons. PS5 is a very popular console, so it's not like sales are just highly bottlenecked because of an inherently small potential market.
That said, this includes Quest 2 sales, all while those have been selling for absolutely dirt cheap during the holidays, and almost assuredly at a loss. No way they're making these headsets and all associated costs for £200 or less. So I'd bet Quest 2 is still the bulk of the 'mainstream' success for Quest. That price point, even the original one, was just so good.
But still, PSVR2 is in trouble, as many predicted it would be. Unlike Quest 2, the PSVR2 price point is painful. It's a great headset, but they pushed PSVR2 to a premium segment in a console market where 'affordable' is the name of the game.
And this sets off the old chicken and egg issue VR always has. You need a respectable size install base before developers will see the opportunity cost of investing in VR projects as worthwhile. And without those games, there's little to attract people to pay the high entry cost. It's become doubly an issue for PSVR2 because PCVR has largely died off in terms of dedicated releases, so there's none of the synergy between PSVR and PCVR that there was last generation. Sure, there's the possibility of Quest ports, but the promise of PSVR2 was supposed to be a high end VR experience, not up-res'd mobile ports.
Sony looks like they're gonna 'Vita' this whole platform, giving it token support while ultimately letting it fade away. Not surprised though given Playstation's emphasis on only betting on potential big money in recent years. I'm almost shocked Jim Ryan didn't bring down the hammer and cancel the whole PSVR2 project before it came out.