The mods themselves are not 100% in line as to what is and what isn't VLQ, as you can also see from this and this and their related discussions.
I think the main point is that strictly speaking, a VLQ flag is only one notch better than a spam-flag. So you could say it is to be reserved for those question where absolutely no real effort has been made, and you cannot tell whether the OP really has a question in the text somewhere.
Also, I think the thought process, when you consider flagging as
VLQ is to be whether this question is so bad that you don't want to give the OP a chance to improve it. The process with putting the question
On-hold for a few days and then only closing and subsequently deleting it is to give users a chance to improve and was instituted specifically
to better convey that questions can be improved and re-opened.
In contrast, the VLQ flag is interpreted as:
This content should not exist. Delete it. Now. It is not salvageable through editing.