I've recently started working with a SME (<100 users) who took this approach after abandoning the vendor's reporting recommendations for their Line of Business application (apparently it was just crap).
Other areas of the business cannot be without these reports under any circumstances. Negotiation is not an option.
Since about 2012 they've had various employees generating reports, alerts and data warehouses as objects in the database. Naturally some of these have been superseded. Very often the old objects were left behind "just incase". Almost all of the original authors have left and documentation has been lost or just didn't exist in the first place.
Many of these objects are dense and difficult (because SQL was the wrong tool for the job, or because they go many layers deep like matryoshka dolls).
Demands for changes to reports are frequent (weekly), and some reports functionally overlap, but produce wildly different results for different areas of the business based on various "rules".
Honestly, the database is a fucking mess (approximately 1900 objects relating to reports, alerts and data warehouses - some of which are dolls going many many levels deep., There's a huge sense of shame and fear over trying to regain control.
I totaly understand that this was entirely a human problem. With more restraint this wouldn't have happened. Both inside and out side of the IT team. However, a tool like PopSQL, metabase, etc. I believe would've helped with;
1. Ad-hoc queries that didn't really need to be full objects
2. Discoverability through prettier annotations, etc. - reduction of reports being duplicated
3. Auditing - last access/run times, etc. would be much easier to find to reduce the cruft
4. If the tool is more appropriate it could off load some of the things that SQL is not good at
There are undeniably good reasons for storing reports, alerts and data warehouses (developer maintained objects) in version control. If the report creation/alteration requests don't come often, then I'd argue it's ideal.
However living in the real world, I personally feel it needs to be balanced in conjunction with tools like PopSQL, metabase, etc. Right tool for the right job.