If given the choice I'd never run anything on bare metal again. Let's say we have some service we want to run on a bare metal server. For not very much more hardware money, amortized, I can set up two or three VMs to do the same server, duplicated. Then if any subset of that metal goes bad, a replica/duplicate is already ready to go. There's no network overhead, etc.

I've been doing this for stuff like SMTPE authority servers and ntpd and things that absolutely cannot go down, for over a decade.

Because the cards were in PCI passthrough, so the performance was exactly the same of a physical system