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You are only half misremembering. The point was that you can do both - you can install games directly on it in conjunction with streaming. There is a lot more to it than just receiving a game stream though.
Its going to be hella expensive.
The valve index is $4000 AUD ($2850 USD) when I tried to buy one recently. I was just like… I don’t really want VR that much lol. That’s double what I paid for my entire PC