Yeah, there have been many, including a few weird ones. However, unless you really need to move at airspeeds higher than that possible with a rotary wing craft, you really don't need a VTOL.
Besides, as was previously pointed out, it's a prop that actually works, why not use it.
EDIT:
I just realized that this is the second really old (by 2059) vehicle that we've seen in the series, the first being Ozma's Lancia Delta HF Integrale (Ozma also has a poster of it hanging in their living room).