Except it really doesn't. Core web technologies have gotten so much better since the jQuery/pre-SASS days that you can absolutely get by without a build step.
- http/2 makes bundling a questionable choice
- polyfills are pretty much no longer a thing
- CSS now has most (all?) of the features that people used SASS for (variables, nesting, etc.)
- es6 modules work
This has been a big talking point in the Rails community lately — one of the big selling points of Rails 8 was the fact that you can, by default, ship a whole webapp without a build step, and that this is considered the "happy path".