We (TypeScript) used to do this for Visual Studio prior to tmLanguage. It was nice because we didn't have to write a second parser. Our parser was already error-tolerant and incremental, and syntax highlighting just involved descending into the syntax tree's tokens. So there was no room for divergence bugs in parsers, and there was also no need to figure out how to encode oddities and ambiguity-breaking logic in limited formats like tmLanguage.
This all predated TSServer (which predated LSP, though that's coming in TypeScript 7). The latency for syntax highlighting over JSON was too much, and other editors often didn't make syntax highlighting available outside of tmLanguage anyway. Eventually semantic highlighting became a thing, which is more latency-tolerant, and overlays colors on top of a syntactic highlighter in VS Code.
The other issue with this approach was that we still needed a dedicated thread just for fast syntax highlighting. That thread was a separate instance of the JS language service without anything shared, so that was a decent amount of memory overhead just for syntax highlighting.