VVIX is mean reverting in nature, as it is as index and non-tradable it represents this mean reversion without market expectation building this into its price directly, some expectation will be implied from VIX market - and that whole "tail wags the dog" argument.
I believe the VVIX is unusually low as can be eyeballed by the chart I have created. Despite the SPX coming off its all time highs and global discussions on NIRP, economic slowdown, migrant crisis, Oil crisis etc...
For me this implicitly represents an under pricing of risk protection, I can backup this confidence with looking at market Junk bond demands and Puts & Calls Open interest on the S&P500 , relatively low put especially around the current market price.
I am expecting a pickup in as we approach the FED March 16th rate decision and this presents an opportunity to purchase exposure to then profit from its explosive nature if the future looks a little less clear cut.