It's not because of the VI specification - it's the other way around. The VI is a measure of the oil's viscosity properties. The formula uses KV40 and KV100 along with some values from some ASTM publication.
The best way to visualize it is to plug in a few oils into Widman's viscosity calculator. The way to really see the difference is to compare oils of the same SAE grade, but with very different properties. Take something like German Castrol 0w30 or a similar European 0w-30, and compare it to an SN/GF-5 0w30 like Petro-Canada 0w30 or Mobil 1 Advanced Fuel Economy 0w-30. Throw in something like Delvac Elite 222 0w30 in the mix for comparison's sake.
GC is a 0w-30, and is required to behave like a 0w-XX at MRV temperatures, and will flow better at those temperatures than a 5w30 or a 10w30. At operating temperatures, GC is thicker than most 5w30 and 10w30 varieties on the market, having a significantly higher HTHS than the SN/GF-5 varieties of 5w30 or 10w30.
That's an example of how the VI doesn't tell you a lot in the really cold weather (i.e. MRV ranges), notably because that number relies on KV100 and KV40. Viscosity graphs based on VI don't do a lot of good in such low temperatures, either. Similarly, the MRV won't tell you a whole lot about an oil's viscosity at operating temperatures. After all, a 50 grade could be a straight grade, a 0w50, 5w-50, or 20w50. And a 0w50 will be much thinner in the -35 range than will a 10w30, but it will be thicker than the 10w30 at operating temperatures.
I guess that's why we have VI and MRV - they measure viscosity behaviour at rather different temperatures (and ranges). They don't relate well to each other at all, except in extremely general terms. If something has such a low VI as to be a straight grade, well, MRV is pointless. But, there are 0w-xx oils that don't have spectacular VIs, either.