But what they definitely had going for them is that they were dirt cheap. Nobody thought twice to burn a CD with some photos for their friends; USB thumb drives are of course much faster and higher capacity, but also not something you'd gladly part with several times a month.
Another big advantage that media-based software (like console video games) had in pre-Internet times was that it was mostly self-contained. These days, consoles might still support physical media, but they serves more as DRM authentication tokens; once you insert a disk or cartridge, it's minutes of installation to hard disk and potentially hours of fetching updates from the Internet.
That's really less of a feature of disks though, and more about the practical inability to patch software once it was shipped. That definitely made QA a lot more thorough than it is today.