(I’m a CV1 owner) I too just booted up Oculus home and MSFS worked without SteamVR - and no need to point anything at anything - and mine was bought via Steam. The only thing I did was to change that ‘Stencil’ entry in the OculusDebugTool.exe to ‘Off’.
footnote: I will be looking at the settings suggested in https://forums.flightsimulator.com/t/optimum-performance-settings-for-all-oculus-cv1-owners/338814 once I hear and understand a bit more about this extra 3rd frame being inserted by WMR (no idea of its relevancy to a CV1)