In VLC 3.0, playback control buttons are finally big enough to be touched accurately on a high-resolution touchscreen. The graphics inside the icon borders are still small though. Also, using a custom skin will make the UI tiny again.
VLC 3.0 is currently only available as nightly builds. They are not as stable as official releases. It may be stable for you, or it may not work at all. You have been warned.
Download the official nightly builds from nightlies.videolan.org. I recommend uninstalling VLC 2 first and choosing “delete preferences and cache” when installing VLC 3.
Update September 30, 2017
VLC 3.0 is still in nightlies, but now it looks even better on high DPI. Here’s how it currently appears on a 4K monitor with 200% scaling.
Update February 11, 2018
VLC 3.0 has been officially released! You no longer need to download the nightlies version.