The nice thing about virtual memory is that it's, well, virtual. It costs you almost nothing until you've touched it. (Fun exercise for the reader: measure the kernel overhead for an unused 1 TiB VMA.) But creating huge spaces--that terabyte mmap wasn't theoretical--that stay untouched is hugely algorithmically useful, especially for things like malloc implementations.
Why does it bother people? Two reasons. First is mlock to avoid swap. This is solvable in much better ways--I'm a fan of disabling swap in many cases anyway. Second is that, absent cgroups, it's difficult to put hard limits on memory usage in Linux. So people, looking under the streetlight, put limits on virtual usage, even though that's not what they care about limiting! Then they get angry when you break it. My refrain here, as in many cases (see for example measuring process CPU time spent in kernel mode): "X is impossible" doesn't justify Y unless Y correctly solves the problem X does.
(I spent years in charge of a major memory allocator so this is a battle I've fought too many times.)