I worked with two other ERP class systems that did this, one using Oracle (with an Oracle Forms/Reports front-end), the other PostgreSQL.
I can confirm your experience. There's no doubt that stored procedure/function based business logic requires a certain discipline, knowledge set, and the ability to get a team in marching in the same direction. But if you can achieve the organizational discipline to make it work there are definite advantages, especially in the ERP space.
And that may well be differentiator... those of us working with more traditional business systems have trade-offs that you won't find in a startup. For example, a COTS ERP system is more likely to not really be a single "application", but a bunch of applications sharing data. This means a lot of application servers, integrations, etc., not all from the people that made the ERP, needing access to the ERP data. The easiest integration is often at the database, especially since you can have technology from different decades (and made according to the fashions of their time) needing to access that one common denominator. Since many ERP systems are built on traditional RDBMSs, and talking to those doesn't change much over long periods of time... having the logic be there to make these best of breed systems work sensibly with the ERP can be very helpful. All that said, in this context I'm an advocate of the approach.
Now, take a team that maybe has a high churn, sees the database as some dark and frighting mystical power that can only safely be approached with an ORM, or a team that thinks their "cowboy coding" is their core strength (if perhaps not that thought directly) and database based business logic certainly has many foot-guns. But, there are really few technologies that don't suffer without a good well-rounded, consistent approach.