As far as I can tell, this is the only reason, you'll likely lose a bunch of functionality (that's been my experience); so "principle" is the only reason I'm aware of (or minimalism, but that's a principle too is it not?).

I suppose if nothing else, you can run a more up to date firmware if the vendor stopped supporting yours, but I have no idea what that means in a practical sense.

I don't really feel like I've lost any functionality, personally?

If I weren't using binary blobs in the firmware, I think I would have more trouble, but that is Canoeboot to my knowledge, not Libreboot. ^^