It's basically just the momentum it has, alongside with crowdfunded book directory (you don't have to enter the metadata manually in like 99.999% of the cases). I'm not gonna say "don't bother", but I've personally used three Goodreads alternatives over the years and nobody mentioned a single one of them yet. I've settled on BookDigits[0], which is what Goodreads should be if you ask me.
> Yes, Amazon could shut it down but eh, might be worth the risk
Technically API isn't the only way users could extract their data from Goodreads. There's also export/import tool that exports data in CSV, and there's also RSS feed that you could ask for.
If there's one good thing I can say about Goodreads, it's that it's not a walled garden.