Technically not with virtual machines as the hardware is shared, though I agree, nowadays accounts and access control of the system belong to the virtualization layer below. The benefits of multiple accounts per machine are tiny and not worth the complexity for server setups.

We could significantly simplify things by getting rid of the account system. The same could be said for a lot of systems like database servers. Typically it's just one database, one user (your application server) with full access. The account system is mostly an annoyance.

For big company use cases where you want to reduce attack surface, why not spawn a second server with different credentials? Anyway big companies typically have many database servers in a cluster and the same credentials are shared by many server processes... The tendency there is literally in the opposite direction.