Inheritance works well enough in exception classes, e.g. I can catch OSError and specifically handle FileNotFoundError differently on a language level, but it's nothing composition couldn't handle, either.
To me, class-based has one advantage over functional. A component is an object and therefore perhaps ought to be represented by a class.
That being said, functional maybe is a bit simpler.
That's what those who ditch inheritance altogether when designing languages challenge and it turns out not much of value is lost :) 'Component is an object' is something you'd hear from an OOP practitioner which isn't exactly convincing to people thinking functionally.
What I don't understand, I suppose, is if a Component isn't an object that acts, then what is it?