Space Calibrator is a VR utility designed to let devices from different vendors work together in SteamVR. Its stated use cases include pairing full-body trackers with Meta Quest or Pico headsets, using Valve Index controllers with those headsets, and connecting Vive Ultimate Trackers to SteamVR headsets such as Valve Index. That cross-device focus sets it apart from a conventional game built around levels or a campaign.
Its standard calibration method asks the player to move a controller and tracker together in an infinity-sign pattern to calibrate their play spaces. For a more automatic approach, the continuous calibration feature uses a tracker attached to the VR headset to keep the spaces aligned. These are the two documented calibration approaches; the source does not describe additional game modes or a narrative premise.
Its purpose is practical: align equipment and make different controllers and trackers usable together through SteamVR.