As cool of an idea as the holodeck was, it just requires too much fudging to be taken seriously. Extra special holodeck matter that isn't matter (and would require a metric fuckton of energy that would put the replicators to absolute shame if it were), the ability to somehow hide the fact that the size is limited while people physically run around in it (picture quite related, that looks *way* too small) and of course the magical safety protocols (that don't matter too much in practice because they get knocked out when someone sneezes on the anyway). Yeah, yeah, don't bother linking me to the nerd stuff that's supposed to justify all of this somehow, of course you can handwave it if you want it badly enough.
The one thing they surprisingly got right is the actual interactive NPC simulation itself, with characters capable of responding dynamically to the user actions. We're not *quite* there yet with LLM's (certainly no sentient characters like Moriarty), but we're not super far off either. Combine that with one of those virtual stages and some AR glasses and you can make something pretty holodeck-ish, even if the immersion would still be limited compared to actually smelling a Romulan swamp.