1. It takes up less space on the surface than most PHES. This... is almost always a marginal benefit.
2. It doesn't require building a reservoir or dam. These are very well regulated in Australia and elsewhere, and the downsides are known so they are quite slow to get approval.
3. It's a bit quicker at 2.5 - 3.5 years as opposed to 3-7 years.[1] This is a bigger advantage than it looks if you have some tricky renewable energy targets to hit by 2030 (see our 42% emissions reductions target as well as an 82% renewable energy target)
I can't see this gaining traction outside of a few locations in Australia, at least. I wouldn't be surprised if A-CAES is only briefly viable as a result of subsidies and cheap government financing.
[0]: https://re100.anu.edu.au/#share=g-fa5a20c9c63f6ed6343a7e7573...
[1]: https://www.csiro.au/-/media/Do-Business/Files/Futures/23-00...