Just off the top of my heads, some benefits of VMs vs processes:
- you get the encapsulation/isolation out of the box
- abstraction from the hardware; may not seem like a big deal if you're thinking in terms of a single machine but very useful for migration (whether live migration or cold migration) between different machines
- ability to snapshot the state
- arguably a smaller attack surface since you deal with fewer drivers inside the virtual machine versus a general purpose OS (VM escape exploits do exist though - no denying that).