But that's not a problem with /dev/random and VMs, that's a problem everywhere.
But most bare-metal installations will only hang once.
For servers and VMs without much internal entropy, they could use a random number server. On boot, they could pull random seed data from a web service like random.org or by hashing Google News headlines.
While this is not exactly the scenario the OP is describing, it's another thing that can go wrong with /dev/random and VMs.