The markup contains no information about what the contents are anymore, so you lose the ability to target anything that is X: for example an email, an avatar within a 'people-card' etc.
HTML/CSS was supposed to separate content from looks. Of course that ship has sailed long ago, since modern day development seems to be insistent and mushing HTML, CSS and JS together in the same file. Looks is logic is content is looks is a mess.
HTML/CSS was also supposed to be re-usable. Now instead the re-usability is within react/angular/etc. components, so you now have to use react and javascript everywhere you want to show similar elements - if you want to have the ability to easily change them later.
Of course this isn't the point. If you have the ability to work with react components, you probably are knowledgeable enough to use CSS.
So the only remaining use-case is "way for non-technical people to write objectively bad HTML and have it look nice".
Which again, is fine. Sometimes bad is good enough when the alternative is nothing at all.
I'm still not a fan.