Agreed on all points but this one; Occasionally I'll run it bare-metal on an SBC like a Raspberry Pi as a dropbox or similar, though the SD-Card gets nuked shortly afterwards so I guess it's treated in a very similar "disposable" way as VMs are.
I know that's being pedantic about your wording, but I thought it worthwhile mentioning that there are use-cases for it running outside of a VM.