Hardware (peripherals) have state. Reading the hardware state is difficult and sometimes impossible so recreating that state correctly after powering down is very difficult. Then multiply that difficulty across all the different hardware that can be in a PC and it becomes extremely difficult to do on an arbitrary laptop/PC.

Add to that difficulty the fact that many hardware (peripheral) vendors provide incomplete documentation making it difficult or impossible to implement "off-nominal" situations like hardware state reading/writing-restoring.

VMs have an advantage that the peripherals are limited in types and numbers and the state is "virtual" so the state is directly accessible (r/w) in the virtualizing driver software, not buried in physical hardware. When you "hibernate" a VM, no physical device actually powers down and no (buried in hardware) state is lost.