Eggz :
That seems weird also. Every display connector I've used supports UP TO a certain resolution, which means it supports lower resolutions than stated but not higher.
You're getting confused between what passive display connectors can do and what active display components can do.
Passive display connectors support a maximum resolution, which is based on their maximum data transmission; they can support any lower resolution as a result, since it just means transmitting less data.
Active display components - i.e. the things that generate the video signals and the things that display them - support only a subset of lower resolutions depending on their electronics. The Asus RoG monitor, for example, only lists 1280 x 960 as its lowest supported resolution. PG278Q, i.e. even though it can display 1080p, it can't deal with a 720p signal. (Now I haven't got one, so can't be sure, but it might be the case that someone can set their screen resolution to 1280 x 720 and it'll display. If so, what probably will be happening is the GPU is sending 1280x720 images translated into a monitor-supported format such as 1920x1080.)
What you're missing here is that VGA is analogue and HDMI is digital, so an HDMI-VGA convertor is an active component, which means it can only support a selection of resolutions, as illustrated in the two pages I linked to.
Here's another adapter that does a large range of resolutions including 720p, but it's £50, hence my recommendation that if the OP's monitor doesn't have DVI in, they're probably just better off getting a new monitor (since the display will be better if kept all digital).