The decision is whether you want to trade functional mastery for company level responsibility. A Director is judged on whether their function performs. A VP is judged on whether the company performs, with their function as their contribution to that. Those two things diverge more often than people expect, and the VP is the person who has to accept a worse outcome for their function because the company needs something else.
There is also a personal exposure element that is rarely discussed honestly. Executive roles have shorter tenures, more political dependency on a specific CEO or leadership team, and less protection when strategy changes. The compensation reflects that risk rather than only the added scope.
Set against that, the VP layer is where the interesting decisions are actually made. Directors who are frustrated by executing strategies they think are wrong usually find the frustration only resolves at the level where the strategy is set.