To be honest it looks like a complete mess and no one apart from oculus know what exactly it means....
The only thing we actually know is that Iribe has stepped down and that TechCrunch has an unsubstantiated claim to have a source saying it was due to X and Y. Well that and Nate Mitchell's statement that they are continuing to push forward in hardware, software and content for PC VR and that there will be stuff to share "in the months ahead"
https://twitter.com/natemitchell/status/1054460295697944578 and also Facebook's statement that “While we can’t comment on our product roadmap specifics, we do have future plans, and can confirm that we are planning for a future version of Rift,” that was added to the TechCrunch article.
So what does it mean... if TechCrunch is to be believed that a disagreement over direction and a "race to the bottom in terms of performance" is to blame it could be that Facebook is favouring a cheaper more mainstream headset for gen 2 rather than pushing the technology and ending up with another $800+ headset. Equally it could just be that Iribe's team had a 2nd gen rift ready to go which would be targeting high end computer graphics cards again but instead facebook wanted to wait until foveated rendering was available to build into a product to allow it to work with a wider range of PCs (and thus a larger market), and so scrubbed that particular development protoype. Given Abrash's statements about how foveated rendering was a number of years away yet, that could also be a viable explanation. I'm sure there are other explanations as well, not least of which is that TechCrunch's story is ******** and Iribe just decided to leave because he wants to do other things - given he is a serial start up CEO that wouldn't be overly surprising.
The truth is we simply don't know, but it certainly sounds like there will be a "Rift 2" the only question now is over what sort of product it will be - technology pushing premium experience or cheap mainstream WMR rival.
Personally I think this is slightly concerning from my perspective - with option 1 of a cheaper mainstream gen 2 headset it has obvious advantages of growing the segment, but personally I'm not interested. Give me a bells and whistles model please. Option 2 is better, but probably means we won't see a second gen rift until 2021-22 which is an awfully long time away and means I personally will probably jump ship to another brand that can give me what I want sooner. I also don't think the first option is likely, as they now (or at least will shortly) have the GO and the Quest to fill the low cost/medium cost side of things, which leaves the rift free to fill the high cost/premium niche.
The only thing I know for sure is that this uncertainty is bad for Oculus - people like me are going to be much less likely to continue to buy games on the oculus store while there is doubt as to their direction in the PC VR space, instead going to steam wherever possible. That means oculus is going to be missing out on software revenue, which is only going to hurt their bottom line.