It turns out it wasn't a version issue after all, whatever the problem was I had to uninstall Powershell and reinstall it, after that I ran the following :

Install-Module -Name VMware.PowerCLI -Force -SkipPublisherCheck -AllowClobber

Only then it started working properly. 

Side note: I'm trying to understand what the benefit of PowerShell 7 Core is. I was under the understanding that the whole point of using PowerShell 7 Core was the interoperability, any logic behind the fact that some of the VMware commands aren't supported?

PSVersion 5.1.22000.832