The "new failure cases" it adds are rather exciting -- if the MCU locks up or glitches, which they are prone to, then it could short the supply rails and blow the switching transistors, or destroy the connected load by overvoltage. Analog control ICs, while they are not 100% reliable either, have many safeguards built-in that can react nearly instantaneously and don't depend on the relatively complex process of executing machine instructions.

There are plenty of systems where a software failure leads to permanent hardware failure. This would just be one more.

The main benefit is probably a wider flatter efficiency curve. Instead of saying "this power supply is 98% efficient when delivering 1 Amp (but more like 80% efficient at 0.1 amps or 2 amps), the power supply can adjust the switching frequency to trade off switching losses and output ripple for efficiency if the application allows.