I think that people are basically saying it, but just to make it a bit clearer - VOC is not an actual component like you go down to the store and say "I'd like a half gallon of VOC..."
Volatile Organic Compounds are a classification for solvents based on organic (carbon based that is) compounds that have a high vapor pressure (easily form vapors). Gasoline is a VOC as are things like petroleum distillates, benzene, formaldehyde, and so forth.
As BMWPower states - levels of VOC don't particularly directly affect performance of a paint. But solvent based coatings are the traditional form - that is what they've spent the past decades developing. The low VOC coatings and things like water based coatings are relatively new and they're still learning what it takes to make them - not as much time has been spent studying and developing them. So it will likely take time to fully develop them to the point that the solvent based coatings are at now.
That said, they're quickly coming up to speed. I know that in woodworking water based finishes were a total mess a few years ago. A few people in my woodworking club are starting to use them now and have convinced me to give them a try again. I have to say that they are much better and actually have some decent qualities such as being self-leveling.