Your physical body is part of what makes your perception the way that it is.

Your brain has a model of the shape of your head and ears and understands subtle differences in what's received at the eardrum that can be used as cues about the source of a sound.

Your body, your face reflects light.

Et cetera.

Does VR model any of this? The former is more interesting. What if your VR engine had a model of the shape of your head and understood all the physics involved in how sounds will be affected by the time they reach your ear's sensors. A little pair of earbuds is just "speaker right next to mic". We can even know how far "right next to" is.

I think it'd be significant in a VR world if you approached something with your face and the lighting of that something changed based upon how your face and body would have affected it.

Engage!