I've worked with a lot of code like this (particularly C libraries and litanies of return codes), and it's fine... But I prefer something like Java-style exceptions. And with Java lambdas or Kotlin the trend is unfortunately away from checked exceptions these days...
I too am interested in your other reasons!
I believe that for today's large software which has multiple engineers, possibly not even working in the same group, involved in the final product, the key problem of exceptions (knowing what is or is not an "exceptional" situation for the software) is not soluble in the general case. Exceptions are a clever idea if you're a solo writing a soup to nuts piece of software, say the firmware for a thermostat, but are too flawed for the library author or the app developer.