PSVR1 launched at $399 as a partial kit without the camera or controllers (wasn't even usable without the camera). There was a $499 bundle that included those two.
Still hopefully price reductions are swift.
I do not see it happening any time soon. With PS5 still having issues meeting demand and this price point says we are in no hurry for sales, I would not be surprise that we do not see anything drop in price especially with inflation rampant for years. I personally do not have any real issue with the price, its just that I do not see any game that make me want to spend that money at the moment. Nothing is screaming, I need this device when it launch at least none of the games are grabbing me.