iMovie exists. Technically speaking. Ever since they lobotomized it I too have tried hard to forget, but it has an icon and presumably someone finds it useful or at least clicks on it by accident every now and again.
I think zamadatix convinced me that Apple drank their own kool-aid on VR though. That's too bad. I'm sure someone had a bonus large enough to prevent them from seeing straight. Hopefully it doesn't turn into another Scott Forstall situation, where Apple fires them and then it turns out that sins notwithstanding they were the voice of reason when it came to something else. Dammit, it's been a decade and Apple still hasn't given up on the Fisher Price widgets. Ah well. The world spins on.