To start off I want to mention I submitted a support ticket about this 2 weeks ago and never got a reply so I'm returning my headset before the return window runs out but I want to bring this up because from looking around online this appears to be an issue that heaps of other people are having and is going pretty much completely ignored by Oculus.
When going through the setup process the USB gets the green tick but when the DisplyPort cable is plugged in it gets the green tick for a few seconds before going back to the spinning circle forever. If you skip the setup and try again you get an error message saying the DisplyPort is not plugged in. Unplugging and plugging the DP back in makes the error message go away for a few seconds before it returns. Sound works on the headset but no video.
I'm running an RTX2070 and AMD Ryzen 7 2700X.
I've tried all the following:
Plugging into every available DisplayPort on my graphics card
Unplugging all other Display Port monitors
Plugging the USB into all available ports
Unplugging all other USB devices
Plugging directly into the USB-C on the graphics card using a USB-C to USB3 adapter
Updating video drivers, USB drivers, chipset, BIOS
Turning off any power saving USB options in power options and device manager
Running OculusSetup.exe and repair install
Completely uninstalling the Oculus software and re-installing
Disable USB Legacy support in BIOS
Re-seating the cable on the headset
None of these work and the issue persists.