This was a detail I missed in 12.0 and 12.1.5 but finally figured it out from the 12.2.0 release notes - https://kb.vmware.com/s/article/88698
12.1.0 was the last VMtools for MacOS. More to be unhappy about.
I wonder if that was written by the vsphere team without input from the Fusion team.
Though, to be fair, if Apple doesn't make future versions more virtualizable than Ventura is, there's probably not much need for tools after another couple of years. Once we lose intel support in MacOS, it's a 12-24 month countdown until all that hardware really needs to be retired (or taken offline).
Hopefully Apple will be more hypervisor friendly, and the fusion team can pick up the tools.
I had recently figured out that Fusion was still loading 12.1.0 for Mac after the 12.1.5 update, and the KB confirms the behavior. I think the Fusion team is well aware of what is going on.
@gringley I believe they are aware as well. I thought I'd seen comments from @Mikero that tell me that he wasn't too happy about the decisions the Tools team made for ESXi. That team and the Fusion team are definitely not on the same page for what Mac users need (witness the lack of Tools for Windows 11 ARM).