According to Facebook, “Giving people a single way to log into Oculus—using their Facebook account and password— will make it easier to find, connect, and play with friends in VR. We know that social VR has so much more to offer, and this change will make it possible to integrate many of the features people know and love on Facebook.”
What this means is that if you’re a new Oculus user and want to sign up for the service and link your device to your account, you will need to do so through Facebook. For existing users who signed up before this, they will be given the option to merge their Oculus accounts with Facebook, although they won’t have to do so right away.
Facebook will be giving these users up to the 1st of January, 2023 to merge their Oculus accounts with Facebook, meaning that you’ll have a little over two years to decide if you want to do that or maybe find a different VR service.