A Virtual IP is primarily used to allow multiple devices to act as a single host for the purpose of redundancy and load balancing. If one device fails, the Virtual IP can still be accessed through the remaining active devices, ensuring service continuity. This reflects the primary function of a VIP in high-availability configurations where uninterrupted service is critical. The other answers describe functions more closely associated with VLANs, NAT, or DHCP, and therefore do not represent the primary purpose of a VIP.
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What is a Virtual IP (VIP)?
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How does a Virtual IP improve high availability in a network?
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What are the differences between Virtual IP and NAT?