I feel it uses less fabric for WOF binding......one can purchase 3/4 yard or so and cut up to 10 strips at 2.5" wide for binding.
To use LOF you would need more yardage to achieve the same length strips and then have fabric left over.
As one who often makes scrappy or multi-color quilts, I like being able to use fabrics from my stash as bindings -- and many of my stash cuts are less than 1 to 2 yards.
Jan in VA