The nifty thing about this operator in the array-langs compared to the usual fold function is that they usually define identity elements for all primitive functions, which means that no initial value has to be provided: https://aplwiki.com/wiki/Identity_element
The downside of this approach though, is that using reduce with non-primitive functions can result in domain errors (at least in APL). I think BQN's version of the operator is a bit nicer, in that it allows you to specify an initial value in this situation: https://mlochbaum.github.io/BQN/doc/fold.html