It's worth noting that the reason this took so long is that VMWare ported their in-house hypervisor instead of using Apple's Hypervisor.framework (or it's higher level counterpart Virtualization.framework). I wonder if that means we'll ever get a ESXi port to Apple Silicon. I doubt it, but what other reason is there to go through all this trouble?
There's more than one reason for this VMware to take more time. One of them being that VMware Fusion is part of a bigger picture, like that Fusion needs to work with VMware vSphere from day one.
FWIW, there's already ESXi on Arm. I don't know how much more work it is to get that to work on Apple Silicon assuming you are talking about "run it on the metal and not as a VM". Pretty sure they will investigate that route to see how much extra work it is.