For me just the convenience of having everything in one box. Simplifies networking too. I run home assistant, openwrt, OMV, an ubuntu dtop VM and a wordpress LXC on a little m93 I jacked up with 32Gb RAM. Backups are dead simple and it’s all on one little UPS.

Some might prefer metal for other reasons but simplicity and convenience are priorities for me, at least in my homelab.