I'm not sure about the county's decision, but all municipalities north have London have rejected any plans for a freeway.
Yes the 402 was originally supposed to go through the city and hook up with the 401 east of where it is presently located. See this old map from 1968 for it's original route:
Because the city failed to make Highbury a full freeway or seriously consider Highway 100 (later Airport Road, now VMP. Too many names lol!), a new alignment for the 402 was built. That's why it curves around the city to interchange with the 401. Other than the junctions with Highway 4 and Wonderland Road, it has almost no use as a commuter road for London.
As for a VMP-like route (expressway) in the west, I could see this happening if land is protected now. Perhaps in the long term it could be upgraded to a freeway. The VMP will need to be a freeway up to Oxford and an expressway to Fanshawe Park road in the mid term, becoming a freeway the whole way in the long term.