Most of the 4 justifications mentioned sound like mitigations of otherwise bad design decisions. JavaScript in the browser went down this path for the longest time where new standards were introduced only to solve for stupid people instead of actually introducing new capabilities that were otherwise unachievable.

I do see some original benefits to a VFS though, bad application decisions aside, but they are exceedingly minor.

As an aside I think JavaScript would benefit from an in-memory database. This would be more of language enhancement than a Node.js enhancement. Imagine the extended application capabilities of an object/array store native to the language that takes queries using JS logic to return one or more objects/records. No SQL language and no third party databases for stuff that you don't want to keep in offline storage on a disk.