Besides, once you've run a service for a while that has acquired enough data for migrations to take a while, you realize that there are in fact two different types of migrations. "Schema migrations" which are generally fast and "Data migrations" that depending on the amount of data can take seconds or days. Or you can do the "data migrations" when needed (on the fly) instead of processing all the data. Can get gnarly quickly though.
Splitting those also allows you to reduce maintenance downtime if you don't have zero-downtime deployments already.