Baro VNAV does almost the same job at hardly any cost
Well not really. SBAS provides the ability to create LPV approaches which provides a minima that is similar to a Cat I ILS approach and it is able to provide this without a ground based aid at the destination, so you can have remote aerodromes all over the country provided with this benefit.
However, please do not get me wrong, I am not saying that the LNAV+V is not somewhat beneficial in being an aid to situational awareness, just as long as it is not followed on blind faith that it will meet the requirements of keeping you above the steps of an approach.