I think that's true for very simple CRUD apps (basically what this is designed to replace). For more complex apps, it gives you room to:
* Implement decent monitoring. I've had very poor luck trying to monitor SQL query performance directly, especially if you need to tie particular queries to a user action, and monitor the time taken to perform a complex action.
* Implement more sane resiliency, by giving the ability to connect to multiple databases.
* Alter your data storage format or backend without needing to change the presentation (i.e. the same REST call could suddenly go to Postgres instead of MongoDB, and the client doesn't need to change)
* Easily integrate with other apps/features. SSO is a good example of this, where you can use the same authentication system across multiple APIs relatively easily.
That's just a few. SQL is a really great interface to data. SQL is (in my opinion) a poor user interface to business logic. Something like "reset a user's password" makes sense in REST. It will likely continue to make sense, and probably even look exactly the same, for a long while.
That is often not true of SQL, unless you accept arbitrary constraints like "we can never use anything other than RLS for authorization". Not that RLS is a bad implementation, but things change. Leaving yourself some flexibility is usually a good idea (within reason, like anything you can shoot yourself in the foot trying to make your app too flexible).