The threat model is really simple: If it's not under your control, then you shouldn't needlessly rely on it for security. And from the point where the wires leave your house, it's not under your control.
A random selection of possible attack scenarios:
- Hooking up a DSLAM to your DSL somewhere along the path to the CO.
- Compromising your ISP's edge routers through vulnerabilities/hard-coded passwords.
- If your router happens to also announce its RFC1918 prefix to the outside world and your ISP's misconfigured edge routers propagate those routes in their access network, being your neighbour might be enough.
- If your ISP is incompetent at configuring VLANs so you end up in the same VLAN as other customers in your area, again, being your neighbour might be enough.
(And yes, those are things that have happened.)
> It's perhaps worth pointing out that this discussion is very much in the context of a home network,
Except it really isn't. For one, the context was the home network of someone who would prefer to assign a public prefix on their home network. That is probably very much not the kind of stereotypical home network that is generally meant when you speak about "a home network" (i.e., a bunch of consumer devices on a WiFi). And also, the distinction really is only relevant in so far as specific home networks generally are not targeted, but that doesn't really change that it's still a bad idea to completely unnecessarily have a NAT run without a stateful firewall (the NAT needs to keep all the state that the firewall needs to keep anyway), and that as soon as you do have that firewall, NAT does not add anything at all.
So, yes, it might be that in some particular setups NAT without a stateful firewall is good enough for your particular needs. But that doesn't change that the general idea that "NAT prevents inbound connections" needs to die, because it is (a) far from true in the general case and (b) even where/in so far as it is true, you are almost always better off with a stateful firewall instead, so it's a bad rule of thumb both because you actually have to understand the limits of where it applies to not end up vulnerable and because the alternative actually works better with no downsides, except in rare circumstances, and even then, it's only an economical downside (namely: buying a new device that does things properly instead of using what you already have).