Bus factor is one way to think of it. Another is it lets you spot silos, or engineers who aren't working with others, or places where you can't as easily move engineers around (so you can fix that).
Some developers fear fungability, they think that that one system only they know is job security. I see it the other way, I see that as a technical risk, but also a thing that might be keeping a great engineer from working on more important projects. Or the way to work on something else when you get fed up with that one system you hate.