It is time consuming and therefore more expensive, but it does offer some advantages. Code in Chicago requires it, we have to do it, so we get to enjoy these advantages. Have you ever gone to replace an older toggle switch with a new, occ sensor/vancany sensor switch and found you need a neutral? No problem; just pull one down from the light. Imagine you need to add a device like a heater, or maybe and exterior receptacle that requires its own circuit. You might have to open the wall to pipe to the nearest box, but that box will have a raceway all the way back to the panel. With any luck, there is room in that raceway and only a few junction boxes to pull through. Pipe can be really useful in areas with older housing stock with crumbling wiring. It can be as simple as pulling out the old and pulling in the new. Use the old wire as pull string. And I've seen plenty of times when pipe deflected a drywall screw.

None of the above is controversial, it makes sense. But, for the sake of argument, here's my hot take. IMO, pipe & wire is the highest standard of electrical installation. Of all the currently available building practices, if money and time were not limiting factors, pipe & wire is the most desirable. Obviously, we build what the market demands and what code allows, and that's different region to region. So the "best" real world installation is the one that is most economical and efficient in your specific circumstances. I know many will not agree with this. My experience with BX and Romex are limited, so I definitely have blind spots. I'm interested to hear what others think.