Please go ahead and open up a support case at www.solarwinds.com/support/ticket/.
Opened a case, Case #307043 with SW support.
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Got an answer from Support:
"I have confirmation that the 'Boot Time' as displayed on the Storage Manager Web Console is the time that the VM was powered on.
So the Up Time displayed is the length of time the virtual machine was running. OS reboots are not taken into account here, it is simply the amount of time the machine was 'on'."
Asked for a change in design so the Boot Time field reflects the real boot time of the VMguests. So, if you feel the same, go ahead and join the request.
Thanks for reporting back!