The difference is that organisations like Bell Labs and Xerox PARC were primarily tech-first: innovations were the result of very clever and creative people doing blue skies research. The most groundbreaking stuff shocked the world while it was still a hacked-together demo, and similarly the cost of failure was quite low.
On the other hand, Meta's experiment is primarily CEO-driven. The outcome is predetermined, changing direction is not possible. Sure, clever engineers get to draw the rest of the owl, but that's not very useful when it turns out that everyone needs a horse instead.
They are spending a fortune, but rather than getting 900 crappy ideas to throw away and 100 great ones to pick from for continued development, they are developing 1 technological marvel nobody is interested in.