The Wayfarer style was always bulky, they have been a fashion staple for decades at this point. The Meta gen2 ones aren't really that noticeably larger than "normal" Wayfarers - probably why they latched on this style as it gives the most room to stuff electronics while remaining similar sized to the original Wayfarer design.
I still see folks wearing Wayfarers almost every single day, and have owned various (non-Meta) pairs of them for most of my adult life. It's literally one of the most popular sunglasses designs of all time.
Meta have a minority stake in Ray Ban and Oakley's parent company, EssilorLuxottica. The investment was largely to support development of future AI glasses. It does make me a little sad to see Wayfarers end up this way too.
