If we were talking about an emulator, then yes, I would agree with you. But for virtualization? No. The whole point of this is to give the guest system access to the host hardware as much as possible through paravirtualization. The host OS needs to be able to cope with the results. With that logic, VMWare should not give direct access to the host CPU, because guest software might crash it.
Guess it depends on your use case: Are you an enterprise user or a home user.
While a home user usually don't worry about host/guest stability or guest separation, an enterprise users usually require a "Chinese wall" between the different guests and the host.
Now given the fact the 3D is usage is no longer limited to gaming - but slowly becoming a baseline requirements for many deployments - even enterprise ones, I would guess that all the major players (VMWare, Oracle, RedHat and Microsoft) spend most of their time on getting an acceptable 3D solution that's capable of running Windows 7 w/ Aero enabled in a mass desktop consolidation cluster, as opposed to a running Crysis under a virtualized copy of Windows 7.
Never the less, I do agree with you that for personal usage, a direct pass-through is an acceptable solution.