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Oh the glory days of CMS!
Hated it myself - more of a MVS TSO man.
IBM described VM as a 'Hypervisor' rather than an Operating System - a way of virtualising and sharing system resources. The things you ran under VM were OSs like DOS/VSE, MVS and of course CMS.
Then we got to the stage of mainframe hardware virtualisation (LPARs) and runnng MVS under VM in an LPAR - madness![]()
Well nowadays it seems to be more of a hypervisor again. I run numerous zLinux systems under it and have a friend who has run 30,000 zLinux images under zVM. Also coming up is the ability to run Sun Solaris under zVM (and rumours of Windows on the mainframe but not necessarily under zVM.) zVM has been performing virtualisation probably before the writers of VMWare et. al. were born.