Turns out this is hardware failure present from date of purchase. I should have returned it earlier, but because everyone was experiencing it, and meta had previously suggested it was fixable via update, I waited and am now out of warranty.
Thankfully I've been given this incredible 'Opportunity'... Email from Meta:
Hello Michael,
Greetings from Meta Store Support. I hope you are doing well. After reviewing your information, based on the purchase and activation date, we confirmed that your device is out of warranty. Due to this, we are unable to issue a warranty replacement for your device.
We truly appreciate you for being a loyal customer. We would like to offer you the opportunity to purchase a refurbished replacement through the Meta Out of Warranty program. If you are interested, please tell me so I can start the process by sending you an email with the price details, and a form where you can provide your payment information and shipping address.
If you are not interested in this program, we encourage you to check out the new generation of VR products we have to offer at meta.com/quest
I look forward to your response.
Kind regards,
Javier
Meta Store Support