Rather a lot older than that.

But, even if you restrict it to 'x86 virtualization', the alternative for the current crop of 'enterprise' OS environments is ...server sprawl. I'm a big fan of discrete hw for some things, but it can be a hard sell for everything.

The primary alternative to full system VMs is containers (or jails, zones... whatever your OS might call them). You don't need to go server sprawl or VMs as the only two options.

For many organizations & applications, containers are going to be a challenge. This is also why HyperV is a leading VMware replacement.

If you're so ignorant of the space you think virtualization is 20 years old, you're too ignorant to make proclamations about what anyone else should do.

Give a few years and every process will be virtualized on all major operating systems.

Why?