- I can upgrade the hotspot/phone separately (right now I'm at 150Mbps LTE, which is very nice, and I started doing this in 1998 with the Ericsson SH-888... a few orders of magnitude slower)
- I can place the hotspot/phone away from me (typically near a window), and get excellent mobile signal regardless of where I have to sit
- I can share the bandwidth among multiple devices
Having spent over fifteen years at telcos and mobile operators, I can assure you that this is the sanest option both due to mobile hardware deprecation (you will _never_ be able to upgrade embedded 3G/4G/LTE in the same way), performance (embedded designs are a lot more trouble to get right) and, yes, price gouging from telcos.
Even before leaving the sector, I never saw SIM slots as an advantage in laptops -- they're just a way to charge you more for an effectively worse mobile experience.
Project Fi allows you to add extra data sims for free, so the cost is the same as tethering.
Small but important difference in my opinion.
On the one hand you've got a laptop that is online the whole time, on the other hand you've got a situation where you have to have to fiddle with two devices to get online.
Moving onlineness from a deliberate, modal thing to a continuous thing changes the way you interact with the network.
Because not having to tether is better. And every mobile-operator under the sun offers twin-SIMs for your laptops and tablets and what not.
Usually free of charge, if it's already a business-subscription.
Separate device would be one extra thing to carry and remember.