While I totally agree that the naming of "Landing Protection" is terrible, it's not simply the VPS as you have stated. Landing Protection is a completely separate option available in the Advanced settings of the Vision Settings.
Now, aside from whatever strange descriptions DJI might give it in the manual or app, here's a brief overview of why it's important and especially relevant when flying over water:
1. Landing Protection basically prevents you from flying the Mavic closer than 0.5m above the ground/objects below. With LP enabled (the default setup), the Mavic will automatically rise if it detects anything closer than 0.5m below it. With LP disabled, you can fly your Mavic as close as you want to the ground/objects and it won't try to ascend.
2. With LP enabled, a side-effect is the ability to initiate a forced auto-landing by holding the left stick down when the Mavic is at or below 0.5m. This is handy when you're doing it intentionally, but not so great if the VPS system is falsely reading the Mavic's height at less than 0.5m and initiates an auto-landing over water when you don't expect it.
3. In the two most recent versions of the firmware (.0500 and .0550), this forced auto-landing can't be aborted by using the throttle or the Pause button. The only way to abort this landing is by flicking the Sport mode switch.