I dunno, I'm dubious how much of a difference offboarding the compute would make - whether tethered or not. BigScreen has no cameras so it's not really comparable.
If only a future VP could be just the optic modules that'd be great but in reality you still need cameras, cooling (read: heatsync+fan) for the displays, audio, maybe the R1 for latency reasons, and the cameras need a rigid chassis. I don't see moving the M2 elsewhere making a huge difference to the volume.
What I would like to see is a Quest Pro-like AVP: Halo strap with the option of no facial contact. But I think the forehead pad is where all the guts should go, with only the bare essentials in front of the face. Get the frontal volume down to an Apple-worty thinness and it won't matter that you've got some bulk up above. You won't feel it.