I do that because I wanted users to be able to save their state without burdening those users with accounts or burdening myself with maintaining a DB for something so simple.
I also somewhat abuse the history API and use my "read the URL and load state" logic to implement undo-redo via navigating back and forth, though that doesn't seem to work right now. I am working on a refactor that uses redux to implement undo-redo and just replace state, to keep the user's history clean.
Storing encoded JSON in the URL hash is a nifty hack in my opinion. Users can save state in a bookmark or share it with others easily, and it's clear to the users that "where they are" in the URL bar maps to the current app state. Plus, bookmark syncing is taken care of by most browsers to make that state available elsewhere, etc. For the site owner, it means not needing a DB to make an app with some kind of state persistence.
One risk: be sure the state you persist to the URL is in a schema you plan to retain compatibility with! Blind serialization and de-serialization is a recipe for bugs and misery the next time you add a feature.