If too many devices are using the same WiFi channel as Oculus Air Link, it can deteriorate its performance and you might experience the problem at hand. So, you can modify your device’s WiFi channel to fix the issue.
In case a conflicting program with Oculus is running in the background, you are likely to face the problem at hand. So, what you can do is close all the conflicting programs to get rid of the issue.
You will face this issue if you haven’t set the correct configurations for Oculus Air Link. In that case, open Oculus Debug Tool and configure the settings rightly.