I guess it depends what you're looking for.
I travel mostly for work, and I want something above all easy and reliable. I'm expensing all my meals so restaurants aren't a problem.
I hate the uncertainty of AirBNBs. They have greatly increased probability for booking issues, not being as described, weird dynamics with neighbors, and arbitrary cleanup/checkout processes.
If I was staying with others, on my own dime, for more than a few days, then yes, the calculus does change.
I find AirBnb to have far more options, generally better prices, usually better rooms, almost always more amenities, often better locations, and frequently better/more personable hosts. It's completely changed travel for me.
Before AirBnb I was shoehorning my travel plans into the limitations of the hotel, but now I can have a common private space for my entire travel group, cook my own meals in a real kitchen, and have dinner on a patio or a backyard.
The hotel charges me a premium for unneeded housekeeping, bland continental breakfast, and valet parking that I won't use--this model was ripe for disruption, regulatory arbitrage aside.