ZpaulZ It is certainly clear that the components used in Cinera can now be inexpensively upgraded with higher-perfomance replacements.
One issue Rasp Pi 4 currently suffers from is running very hot. A firmware update was released to better manage it, but the Pi really needs a fan/heat sink combo to avoid overheating and throttling performance while playing back 4K video over an extended period. That alone will make it impractical to try to insert one into a Cinera headset.
I personally believe that the best approach is to leave the headset as a basic output device (like the LUCI Immers) and only offer portable media playing capability in the form of a tethered device (like Goovis do) or an optional 3rd-party device, like a premium mobile phone. Any built-in playback component/functionality will only add to the overall cost of the headset (which should all be focused on the visual display quality/performance), while limiting the ability of future-proofing.