The "aha" moment for me was that, without this dict, the user is going to always request a full download of the data. For instance, let's say the NYT published an article and you read it. Then an editors note is added to the article. When you go back to read the article, the data transfer is miniscule. Now that is an edge case, but imagine a website that allows comments.. twitter.. reddit.. small text based pages that at first seem incosequential until you think about how we use the web, millions of users, returning to pages over and over again.
For me, my mental model of this structure is a LUT(key/value pair) wrapped in a Version Control(hash).
Now i think your comment is correct if we were to add how many requests the webpage is recieving and how frequently changes are happening to said webpage. My blog would recieve no benefits from implementing this tech, and using napkin math, my blog would need 1000 days to break even. Microsofts' blog however... less than a day, in theory.