Teams being able to own their stuff without needing permission from the rest of the org, being able to punt on some architectural decisions (since the blast radius is much smaller), being able to rewrite most apps in a pinch as need be (since they're small), much simpler tooling (off the shelf open source stuff work fine, without needing to scale it to hundreds of millions of LoC), and so on and so forth.
The same drawbacks apply: cross app changes can be tricky (if you find a security issue in a lib used by 150 apps, its not fun), lack of cascading pull request support in github is annoying, sharing actual business logic through libraries is often a bad idea (which is unintuitive to most).
Some challenges are FE specific: unlike micro-services, FE apps are in your customer's face. Being separate apps often means page refresh between apps if you want the full benefits of total separation, which in turn can be a perf issue (vs client side routing). The second is that unlike micro-services, people don't know about this kind of architecture, and every other new hire will wonder wtf you're doing.
Overall, if your product is more horizontal than vertical (tons of completely distinct features, vs a few very advanced features), it's great.