Much more importantly however, is that the cookie standards are a mess! The complexity of cookie default behaviour, their flags, scopes, differences in their SOP (cookies ignore ports for example, so https://example.com:443 and https://example.com:8443 share their cookies) are huge. Research papers have been written in this. And don't even get started on differentials between browsing engines.
This huge complexity of cookies opens up a whole class of authentication attacks where bad (or just weirdly) configured cookies can be stolen cross origin.
localStorage on the other hand is practically impossible to get wrong.