A lot of things can be understood better through the lens of "what reduces truck rolls".
My understanding of VEP is that the default is supposed to be to disclose immediately unless an agency has a really good reason not to, presumably because they want to use it soon. Don't hoard, only keep things that you're actually going to use.
When I say "burn", I mean that something has happened to increase the likelihood that an exploit chain is detectable. That could be them being done with it, it could be independent discovery, it could be changes in runtime protections. It's not "we use it a couple times and then deliberately burn it", though.
We should stop talking about "NSA", because this is basically a universal LE/IC practice (throughout Europe as well).
Their charter was to take over COMINT from the military into a new joint administrative agency. Their work includes securing communications between allies as much as it does breaking communications from our belligerents. This work necessarily provides them with the types of knowledge and experience that would be highly valuable in securing infrastructure against similar attacks.
Likewise they've involved themselves in both improving and harming civilian cryptography systems and research for years. They're a complex agency and the value of COMINT can be realized under many different root paradigms. It's absurd to think otherwise.
A 0-day is present in every instance of the software it can exploit.
You hoard knowledge by writing it down somewhere and then hoarding the places it's written down. Whether that's books, microfilm, hard drives, what have you
When you hoard something, your possession of that thing effectively takes access to that thing away from everyone else.
You can't keep access to a vulnerability away from anyone!
https://www.wired.com/2015/12/researchers-solve-the-juniper-...
https://en.wikipedia.org/wiki/Dual_EC_DRBG
https://en.wikipedia.org/wiki/Juniper_Networks#ScreenOS_Back...
The real downsides here are probably economic and have to do with how this shifts incentives for everybody in the industry. But, at the same time, every big tech company with a desktop/mobile footprint has invested mightily on staff to counter LE/IC/foreign CNE, which is something that might not have happened otherwise, so it's all complicated.
People write as if the disclosure of a bunch of IC zero days is like some kind of movie-plot "Broken Arrow" situation, but it's really mostly news for message boards. Organizations that need to be resilient against CNE are already in a state of hypervigilance about zero-days; adversaries absolutely have them, no matter what "NSA" does.