Its not broken, you have sony/microsoft hardware trying to talk to steam software neither of them would straight up want you to be able to do this.
Not to mention its still being made. It does work, and by work i mean function. If your expecting it to be just like a vive or oculus its never going to be as tight as those systems.
This is a cheap way for the masses to have a crack at something new without the steep entry price. Its gonna take time. Ive been on board since mid last year and the progress has been good, damn good. Patience it will be worth $20