Hi boyke93 - I just tried it out myself using some stitched video footage I shot on a Ricoh Theta S Camera and the VR Video menu item is working. Premiere Pro automatically should recognize 360˚ video, but sometimes there can be some errors. Here are a couple suggestions I have:
(1) Right click on your sequence and select "sequence settings." At the bottom, make sure that the VR properties reflect the layout and projection of your footage. I can't see your full VR image, but it looks stereoscopic side-by-side. Here is an image:

(2) Second, have you tried using the toggle VR animation button in the Program panel? You can add it by clicking on the "+" button in the lower right of the pane. Here is an image:
