The same reason cloud is all the rage. It has its uses, hype is behind it and the marketing ignores its caveats.

The main issue I have with it is simple: in my experience you cannot really debug some classes of issues ("we had intermittent issues calling endpoint A from function B") and they kinda push on you a certain type of organization model so if it doesn't reflect your organization model (for example, you have centralized infra teams) prepare to be screwed.

At an higher level, it massively encourages atomization of systems, which makes them essentially spaghetti with a network you cannot debug as the sauce. Good luck, hope your company pays for honeycomb.

Because there's a lot more people working on software then people who actually understand computer systems so they have to latch on to some vendor narrative to actually be able to deliver any discernible value they could possibly derive from their parsing of blogs and pattern matching discourse that got them their overpaid job.