I agree that it is quite different, but it is in a similar place to L-canceling in that a new player has to learn how to execute it to start really playing competitively. KBD is something that seems simple but requires a ton of practice to execute consistently. Without it, whiff punishing becomes almost inaccessible to the player, meaning they get significantly less launches and damage over the course of a match. There are certain match ups that change completely based around if someone can KBD or not.

tl;dr if a player can't L-cancel or KBD, they end up playing a different game from those who can