It's a very major feature though, and although it won't bring it any revenue on its own, is going to be something people expect to just work (especially when you have competition like google maps). Not to mention that there are going to be tons of other apps and services which will be relying on the accuracy of maps one way or another.
In short, Maps is the lynchpin. Maybe a VP is overkill, but I agree that it still deserves its own department looking into it.
I would bet that there is a dedicated department already looking at it. Just because eddie cue is assigned to it doesnt mean there arent managers below him whose job is solely maps
VP is a terribly heavy position to only be responsible over maps..a non revenue generating unit