I would agree with you if it was more streamlined to use and set up with complex landscape materials, but VHFM is just kind of a mess to set up. It also has no collision, unlike Nanite proxies. It also has limits on the texture resolution because it requires virtual texture streaming, so it’s not appropriate for large landscapes unless you don’t care about texel density (epic cover this in one of their deep dive videos on it but afaik there is no progress on advancing this since then, and that was over a year ago). It’ also pretty buggy in its current state.
Maybe one day it will get there, but I don’t see why this would be the case given that Nanite Landscape is already under development.