Some applications benefit from the host integration. VSCode in particular, since it interacts with the terminal and other applications. I'm also assuming 1Password benefits from it as well for full OS integration.
There’s certainly a place for truly native apps, but there are also a lot of reasons companies keep picking Electron. Efficiency is just one consideration.
I seriously doubt the approach of running a native desktop application in the browser would give you performance or usability as good as running an actual web app.