Yes, it helps those who strive to fill a room in one exhale, but even before the "fad" I liked VG because of the less throat hit. Anything more than 50% PG hurts my throat.
I also think that there are so many new Tanks designed with larger juice channels and more efficient flow that a few years ago was impossible for thicker juices not to get dry hits.
But yes, higher Vg does dilute some flavours a touch, but most juice makers compensate for it by using more of the flavoring.
And yes, since it does produce a more billowy and dense vapor.