Recent studies suggest that video generative models can exhibit certain forms of zero-shot visual reasoning through generated frames. Yet reliable evaluation remains challenging: benchmarks should adopt inputs aligned with the visual priors of current video models, require valid evolving processes rather than only plausible final states, and calibrate task difficulty to remain challenging yet partly feasible. To this end, we introduce VGI-Bench, containing 27 tasks and 810 instances, organized by a two-level taxonomy of domains and skill tags for evaluating the visual reasoning capabilities of video generative models. Our evaluations show that current generative systems can solve a subset of visually grounded reasoning tasks, but remain far from reliable, with even the strongest model, Seedance 2.0, achieving only 51.0% under our evaluation criteria. Our findings further reveal the input sensitivity, skill-bounded transfer from synthetic fine-tuning, and limited denoising-time self-correction, where later steps mainly refine early hypotheses rather than correct reasoning errors. We hope VGI-Bench will help stimulate the development of next-generation video generative models. Data and code are available at [our project page](https://hexuan21.github.io/VGI-Bench/).