Issue with vBulletin it has become more orientated for businesses than communities. vBulletin used to be great but not so much now and no longer offers modernized social communication features.
I see your point, Mr. President and. Businesses for sure. However, vB5 is actually the most advanced Software to date. ANd you're talking to a guy who has a license in EVERY commercial forum software, IPS, xneForo, and WoltLab. With an integrated Site builder and PM Messages can be sent to each other like a facebook messenger, along with notifications, optional comments in replies in threads, I think they are leading the pack when it comes to features.
PPl hate the directions which the dev team has taken, no development on their successful vb3, vb4 & vb5 being a total disaster.
For the record, vB3 is still being updated and supported. The latest update on vB 3 is vBulletin 3.8.11 Beta 4 and its smooth, also now runs on PHP 7x now. Tested it myself.
As for vB4 and vB5, yes you are correct on the launches, thats because the devs were preasured by their masters: IB, they gave them a impossible deadline. But I can really assure you that all the issues are ironed out and it runs beautifully. I know because I run an test them all.
I used to run VB only until they destroyed it with the direction they took. These days if I see that a forum is running VB I don't even bother looking at it any further.
Devs are making it right, IB gave them more freedom it looks like. It's safe now, features are really modernized and stabled to the tee. I run vB5 on one of my sites and have zero issues, its the most advanced software, and trust me I have all the commercial license to every expensive software out there. vBulletin is coming back, one awesome new feature I like is IM other users.