If they are in school all day and then pressured with all sorts of homework at night, when do they actually get to learn something they want to learn? Something they are really interested in, but isn’t assigned by a teacher?
I think there is value in giving kids time to learn things that at outside the subjects that a school teaches. Eliminating homework gives kids more of a chance to do that, not to mention the other things that people have mentioned like spending time with family, playing, etc.