Honestly that's a great question, and I wish I got it more from applicants. There's a lot of confusion about what we do, so you're not alone.
I've been on both sides of the table. My co-founder and I both worked with consultants when we were applying (Kellogg and Columbia respectively), and have since made careers of it. What I've found is that if it just came down to straight scores (ie. your GPA and GMAT), then we wouldn't serve a purpose. But, there are a ton of 'super qualified' candidates with great stats, so it comes down to more than just numbers and even brands on your resume. Truly those who succeed are the people who differentiate themselves from others through their stories and vision for how an MBA from a particular school will help them accomplish their equally as interesting goals. As one data point, I worked with a top 10 consultant, great undergrad, 740 GMAT, 3.7 GPA etc applicant last year who was a reapplicant (he'd been dinged everywhere the first time around with no clear red flags on his resume save for the fact that his essays were probably the same ones anyone with his profile could have written). We spent a ton of time thinking through how to distance him from the huge category he was applying from and describe his story and goals in a way that made it clear what a unique and interesting perspective he could bring to the classroom (that other consultants with high scores couldn't). And this year he got in to four top schools...
We aren't miracle workers but our aim is to help optimize your chances. So truly, the majority of the clients I've worked with over the years have come to us because they a) want someone who knows what the adcom is looking for to help them position themselves optimally (eg. a brand developer / manager); b) are unclear on exactly what the adcom / schools want and are looking for insight from people who have done this successfully and are close to the schools (eg. a mentor); and c) simply want an unbiased perspective from someone who doesn't know them but who is 100% dedicated to helping them success (eg. a coach).
I personally was in a similar position to you. I worked for a large investment bank and felt like I was surrounded by MBAs, so why did I need to hire someone to help me? What I found is that my colleagues provided interesting opinions, but they didn't have the time to dedicate to brainstorming with me on my story ideas (and we all worked in the same industry, so getting outside of that realm wasn't always easy inside the four walls of our building). They especially didn't have time to help me think through how to pull every part of my application together in order to present a compelling "total package" with clear, concise messaging.
I know this sounds like a lot of "personal marketing", but that is truly the value that we provide for a lot of people. My job is to ensure that you are presenting your "best" (read, most unique, interesting and differentiated) self to the adcom so that you can improve your chances of admission.
So, now for
Vantage Point specifically. At VP you'll have a dedicated consultant who is truly with you throughout the whole process (and has been through this process his/herself). Your consultant helps you assess your strengths and weaknesses along the dimensions of profile overall (eg. stats, career progression etc) as well as how differentiated and/or unique you are; then develop an application strategy accordingly. Taking that a step further, our process also has
multiple layers including a review by a former adcom (eg. a trial run), a discussion with a post-mba professional in the field you're hoping to go into (eg. someone who has been there and can help refine your career goals - folks from McKinsey, Google, BCG, Goldman, Amazon, P&G, General Mills - you name it), and insights from current students at the schools. All of this is designed to help you to present a very well thought-out and differentiated story; no matter what your scores are.
Hope this helps a bit (and doesn't confuse you more!) Best of luck and I'm always happy to chat if you have more questions.