From my experience during a VP demo, I agree that interacting with a physical interface feels better than the virtual spatial interface we get with the VP. But your use case of TV monitor + 1 iPad isn't the only way people use a VP. My use case would be having 2-3 iPad or VP app windows in front of me. That can't be replicated with physical devices. Well, it could be done by having multiple iPads or computer monitors stationed around you. But that setup requires a desk. You couldn't bring that setup with you to the living room sofa, or in your bed, or out to the backyard.It was easier to manipulate my “windows” with the traditional setup. My TV is always placed in an optimal position, flush with a wall, rather than having to position a video every time. It was simpler to just pick up/put down an iPad than launch and close/move a visionOS window around. With the Vision Pro, it felt like my view was cluttered with these large windows, especially when I wasn’t actively paying attention to them.
I also found it superior to interact with a physical UI - swiping and scrolling in particular feel much better than a pinch and pull (which uses substantial wrist/arm motion). I also wasn’t tethered with cables, didn’t have to wear anything on my face, and everything around me wasn’t blurry.
I know not everyone wants/needs a multiple monitor setup you can bring anywhere with you. If you are satisfied with TV and iPad in a fixed location in your home, then yes, the VP is pointless for you. Some people are never going to want a device like the VP and that's okay, we all have different wants/needs.