I mean, really, why would it be encrypted?

[Stephen Carlson]

I've already answered this question a couple of times.

We don't have to guess at the medieval mindset, we just have to listen. When a daughter of a medieval physician asked her father why a manuscript had to be encrypted, he said that it protected the contents and gave it more value. I posted a more complete and accurate version of this a couple of years ago.

I'm new around here. If you have link for a fuller explanations, I'd appreciate it. But yeah, some kind of trade secret is a good reason to encrypt, and the appearance of encryption would suggest to an observer the presence of secrets.

That's all assuming the creator of the VM had secrets to protect.