For on premise environment, does your company run Kubernetes worker nodes on VM or BM(bare metal), and why?

We are a software company, and apart from partial lab environments, we run the majority of our Kubernetes clusters on bare metal to achieve better performance by eliminating the hypervisor layer overhead and avoiding the need for VM provisioning.

As a banking company, we used VM because of existing management mechanism on VMware. However, the K8s product fee on VM is much higher than on BM.