A replay makes sense due to the way
VB is scored. Because (at least in junior high
VB) you can only score when you have the serve, It would be unfair to award the ball to the receiving team, because a side-out, although it does not earn a point is just as good as a point since you need that to be able to score any future points.
In other levels of
VB, Rally scoring has been adopted. In rally scoring, a point is scored every play regardless of who served. In that scenario, a possession arrow would not hurt, but I don't see how it would really help either.