Two weeks later, an angry user (the only one with a 100-digit password) complains that they can't log in anymore. The guy is the company's best-paying customer; the boss is furious. The whole team goes on a wild goose chase for two days and nights just to find out what happened, as clearly there's nothing wrong with their code.
A few years later, a former colleague shares the episode on HN. As you read the comments, it dawns on you that the idiot antagonist of the story is you. In this moment, you are enlightened.
If you switch to a different bcrypt implementation that does/does not truncate at 72 characters, the server-side truncation keeps all those 73 character passwords working.
If the server-side truncation were not in place, you'd get angry users.
But it's the same principle no matter where you cut. User thinks they can use an arbitrarily long password, puts a long but low entropy or easily guessable string at the front and makes up for it by having some good entropy at the end, and then you chop off the end.
In any case this doesn’t preclude client-side validation.