Some people, perhaps you as well, take offense at LOC metrics because they're (in theory) easy to game, via redundant code, whitespace, verbose vs concise languages, etc. And because good developers know that small code and systems mean fewer opportunities for lurking bugs and points of failure.
BUT, if a team of developers is not padding their code, nor has shitty programmers who write page after page of nonsense, then in the end the proportion of functionality to LOC should be fairly stable, and thus LOC is a useful and meaningful proxy metric for the amount of new or changed functionality in a codebase.