One thing the colonoscopy came with but the occult blood stool test didn't: a warning that there was a 1 in 1000-10,000 risk of an accidental tear in the colon leading to peritonitis, an immediate surgical emergency (and life-threatening if undetected and untreated).
So yes, the colonoscopy might pick up some rare non-bleeding cancers and polyps ... but it's also going to lead to unpleasant surgical complications in its own right.
(I have no figures for relative risk: but feel it's worth noting.)