The big move event is not likely if you are playing the odds. The numbers shows that upside jumps in the VIX are more likely than downside spikes. There is nothing usual with this behavior, but over any twenty day periods, there is only a 5% chance of jumping by more than 7 vol points and only a 4.75% chance of seeing a 40% or better up move over any 20-day period. Anyone expecting a big vol jump on mean reversion will be disappointed. This would still mean a vol that is less than 20 in the next month even if we had a significant spike.
We are not saying to accept low vol as a part of everyday life, but a return to anything like behavior during the Financial Crisis is unlikely.