This is just the way people design circuits these days, because it’s easier and cheaper. A single µC with a few GPIOs, rather than a bunch of logic chips scattered around the board.
The goal is to make this so it cannot be overridden in software. By designing hard-coded logic in a chip that already exists, you can get the same level of security for essentially zero cost.
And if an attacker is able to connect a chip programmer on your motherboard, you have a totally different threat model and bigger problems to worry about.
Have you ever seen a MacBook from the last 10 years? There are no physical switches, it's an hall sensor that works with the magnets that keep the thing closed.
“This disconnect is implemented in hardware alone, and therefore prevents any software, even with root or kernel privileges in macOS, and even the software on the T2 chip, from engaging the microphone when the lid is closed,” said the support guide.
So in this respect, there's no difference between the T2 chip cutoff and a physical switch... except that there could still be a backdoor in the T2 chip cutoff that Apple hasn't admitted to.
I could credentialize in multimonitor usage (I have before), but now I'm getting used to something that's incompatible with portability.
Not to mention it would make the case of the computer microphonic — bump it hard enough and that’ll be transmitted through the reed relay.
The T2 chip probably also acts as a controller for a lot of the builtin sensors, including the microphone and lid closed switch. As a result, adding a feature to turn off the microphone when the lid is closed becomes trivial. Basically just add a logic gate between the two.