While a spectrogram shows a lot of useful information, it also kind of doesn't. Your ears tell you much of the same thing except with better subjectivity, especially as your ears improve. You can tell (with practice) if a bass guitar is too bassy, or has too much "twang" or sounds harsh and throaty. But if a spectrogram of a bass guitar shows higher than usual frequency content in the 800-1200hz range, is the bass tone too twangy for the song, or is it just right?
The waveform view on the other hand will always remain useful no matter how good your ears get. If you're comping together multiple takes of the same section, or shifting tracks to adjust for phase-alignment in a multi-microphone setup. Doing this by looking directly at the samples is way less tedious than doing it by ear.
Also, though it's probably not an issue today, I would guess CPU concerns are another reason why a spectrogram isn't displayed by default on all tracks.