Their whole account process was overhauled to be more privacy focused because of backlash. You don't need a facebook account and they collect no more telemetry as any other online service (Playstation, Xbox, etc.). People make a big deal out of the Q2 "scanning your room and uploading it straight to Zuck" but passthrough camera footage doesn't get captured in a way that gets uploaded anywhere. The only way that can get pulled is if you're doing ADB tethering or specifically through the oculus software on PC.

Previously facebook being mandatory linkage was the big problem considering how nefarious that platform is, and how much personal telemetry it passes on and collates with advertisers. Tracking you across websites without your consent with cross-site cookies and everything. Now that it's gone, I'd say that having a Meta account is no big deal.