Despite this pre-release hype about PSVR actually being the place where the most/best content would be, I tried to warn people that this would not be the case and that a huge amount of the touted '100+ titles in 2016' along with all the big-name franchises being used were basically glorified tech demos and just generally quite short, overpriced experiences.
Devs have spent more time developing VR software for PC, Rift/Vive have a greater variety of applications and are usable for a lot more than just gaming, plus there's a number of titles that simply could not run adequately on a PS4 in VR and lack of 360 degree support or analog stick/trackpad on Move controllers also rules out a number of games. PC was always going to be where it's at for VR, especially in the early years where the indie scene will be the main ones propping up the software count.
It's still early days though, and Sony do potentially have some interesting software coming up for it - Dreams is probably the most notable. We know it'll have PSVR support, though they haven't yet detailed how comprehensive it'll be. Gran Turismo Sport was *supposed* to be fully playable in VR, but has now been relegated to a specific mode, which is a huge blow as it should have been a flagship, fullscale VR title, but we'll again have to see how comprehensive the VR mode will be. Ace Combat will be there in 2018. And it'll probably get a good amount of the better indie PC VR indie titles eventually.
Overall though, naw, no way is VR gaming 'past its peak'. I dont know that VR will become a raging success over the next 5-10 years or if it will peter out into a more niche/enthusiast market, but for now, the software situation is still on forward momentum and there's quite a bit to look forward to if you can temper your expectations for loads of big AAA titles coming anytime soon. I would definitely recommend going with a Vive or Rift over a PSVR if you want to experience more of what VR has to offer in terms of games and applications, though.