Filling in for the missing teammate is only part of the problem, though even that assumes temporary (possibly skilled or specialty) help is readily available for a short-term assignment, or that productivity can be scaled back without missing deadlines which in some cases are set years in advance and are essential for coordinating schedules with other teams.
No, the real issue here is that everyone is paying for this benefit which only helps a subset of the workers. Ordinary PTO—vacations and holidays—is available to everyone to use as they wish. Sick leave is only for those with medical issues, but statistically most employees will end up using it at some point and they all benefit from having that protection since it's (more or less) a random occurrence. But parental leave is not random; it's specifically tied to the employees choices, and some employees are not in a situation where it would ever benefit them. Logically, then, paid parental leave should be an opt-in benefit which employees pay for, not a default part of the general employee compensation package.