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So no, even with a VTF import plugin, it's simply not possible to automatically do this with the Cycles renderer, Eevee renderer, nor "Blender" renderer, unless you're okay with Blender Source Tools looking through every single folder on your computer until it finds what it's looking for, making it possibly take hours to import a model.
https://github.com/REDxEYE/io_texture_VTF
Where did you find that video? This is the first time I see such functionality, but if it exists, it can be done for Cycles, it just needs to link the textures differently so they work with Cycles.
It is otherwise theoretically possible to automatically import textures, like for example prompting the user to pick the game's root folder and then by parsing the QC and the model materials finding the proper textures, but that would be quite difficult to program and would be prone to issues. For now, feel free to try the addon above, it should make things a bit quicker than having to convert every single VTF before importing the texture into Blender.
That looks interesting.