Sony officially trademarked the term VRPG in Japan on Dec 17th for class 9, which means games. You can look it up on the Japanese trademark site. The rest of the information in the application is just the generic stuff they would include with any game trademark so we can’t glean much more info about their intentions.
But Sony is working hard on their upcoming Playstation VR. It could be the single most important development for the company over the coming years. It’s a good bet that Sony is working on a virtual reality RPG. Whether it will be called VRPG or something different is still to be determined.
Just imagine how fun and addicting an RPG in virtual reality would be. It could be the killer app that keeps people coming back to VR for hours at a time every day. And it could help push Sony ahead in the virtual reality system wars.