The thing I like about the books is the emphasis on having fun. My understanding is Jamis used these projects to overcome career burnout. They are also good for exploring the basics of a new language though.
I interviewed Jamis about this subject and burn out[1].
[0]: http://raytracerchallenge.com/
[1]: https://corecursive.com/025-burn-out-and-recreational-progra...