I received multiple questions around this so decided to ask around internally. I managed to get ahold of the VMware Update Manager (aka VUM) Product Manager and after exchanging a couple of emails this is the outcome:
VMware vSphere Compatibility Matrixes
Table 13 on page 14 of the above linked document states that VUM doesn’t support MS SQL 2008 Standard. This is however untrue and should be considered as a document bug. It is supported and the document will be modified soon to reflect these changes.