Another property you want (and the talk uses) is that the operator is that the operator is from V x V to something. I.e. we are multiplying two vectors (because that's what we asked for in the title) not a scalar and a vector. That excludes your counter example, but still isn't nearly enough to make it so that no multiplication operator exists.
I'll be honest and say I'm not listing properties here because I don't remember what properties are needed to make it so you can't define the operator... hopefully someone who has studied this a bit more recently or thoroughly than me can chime in.
https://mathworld.wolfram.com/Ring.html
Scalar and dot products don't stay within the group of vectors and component wise multiplication doesn't always have inverses.
I've been blanking on what exactly the interactions with scalars that we need to preserve are...