VP bans are not very common (it's not like blackjack), but they happen because the player is perceived to have an edge via comps/promotions, and the casino realizes that they are going to lose money on such a player on average.
However, as the edge is typically small and the expected gains minimal, most casinos tend to let this slide, and file it under "cost of doing business", rather than bar the player. (However, as you said, they can get no-mailed).
One of the more well known VP bans occurred to someone who wasn't even an AP. Richard "The Quiet Lion" Brodie, who was mostly a recreational VP and poker player, was
among several players banned by Caesars in 2007 for simply playing high stakes VP and getting lucky.
Richard, who was Microsoft employee #55 and was credited as the creator of Microsoft Word, had a lot of money, and enjoyed playing high stakes VP at Caesars. He hit four very large royals in 2007. While the casino admitted that this was simply a function of luck, he was among several banned for playing too close to 0 EV -- basically the casino felt they couldn't make a reliable profit off players like him, so several such players were sent letters notifying them of being 86ed in May 2007.
Richard was particularly upset about this because he could no longer play at the World Series of Poker. He made enough noise in the poker community to cause several players to rally to his defense, and Caesars backed down, ultimately agreeing to let him play the WSOP provided he stayed away from video poker.