Not used in the same way, see VBS.

I know VMWare workstation is not the same, but there were VBS-like systems back in the 1970's.

IBM pioneered hardware virtualization for isolation on their System/370 mainframes with VM/370 in 1972.

VMWare ESX hypervisor brought virtualization to x86 servers (2001).

Xen hypervisor introduced open-source virtualization for x86 (2003).

By the time VBS showed up, the concepts were already several decades old.

VBS isn't even the same idea as a full blown VM in a type 1 or 2 hypervisor. I'm not sure why you're attempting to make the comparison.

I am talking about core concepts, not specific implementation details.

VBS uses a hypervisor and hardware virtualization to isolate processes for security. These concepts trace back to systems like the IBM VM/370.

Conceptually it's essentially the same thing. The difference with VBS is the scope and purpose of what's being virtualized.