Okay, maybe not everything. I would offer that there are only a few reasons left for some servers to remain as physical devices:
You want to virtualize more, but you can’t afford more hosts/infrastructure yet.
Some of your servers are turnkey appliances.
Some of your servers have support contracts that require physical platforms or some other requirement from the original deployment.
Some of your administrators believe that virtualization is a fad that will pass soon.
Some of your administrators do not believe that the I/O performance difference between VMs and physical servers is negligible.
Some of your applications require access to hardware that can’t be done in a VM, such as a licensing USB stick, a connection to a tape drive, or other peripheral media…