The Cloud is incredibly important for the future of VR/AR/MR in terms of one day walking outside and being in Toontown. The main draw back is the economics and politics of VR/AR/MR in what you said, “Data ownership.”
Google is already breaking private property laws. I wouldn’t want my data in the hands of politicians. And how are you supposed to really sell things made with Tiltbrush or from Sketchfab?
I’m an economic individualist pro economic individualism. I’m worth millions in my own ‘words.’ When liberal snowflakes finally decide to pay me, it will probably be when the carpet of capitalism has completed frayed and you will once again pick it up and see the grand wood floor beneath that held it up.