I asked a Googler about this years ago when Material Design was new. They told me that the general population has a harder time processing dense information views compared with computer geeks. Many folks find devices easier to use when there's less "going on" on-screen at once. If you bump up padding and margins, you not only reduce total visible information, but also spread out your UI elements, making it easier to visually identify which part of the screen holds the information you're looking for.