Struggled to find the soultion for the latest Oculus (1.38.00). All goes well until the first startup breaks with "Can't reach Oculus service" error, and prompts to repair the installation.
In your Oculus\OVRLibraryService.log you'll see IPC connection attempt failed!
Repairs, cleaning up space, DNS flush, service restarting, VPN using - all didn't work in my case. I've found the solution in this reddit thread
All you need to do is to go to Oculus\Support\oculus-runtime
and run OVRServer_x64.exe
manually before running Oculus. It will open a command window, feel free to minimize it.