Regulatory problems are doing the heavy lifting. Sure power is "free", if you can launch it, station keep it and cool it and if the data services are useful at the modem latencies of geosync and lunar orbits. But if datacenter projects can't be built/powered fast enough due to permitting, this is an expensive workaround.

The best I have heard: It makes you fully independent of the terrestrial energy grid. There is also some nebulous freedom from governmental authority possibilities.

Both of which strike me as poor arguments. We are in a short term energy crunch. I expect within five years that most of the energy problems will be resolved and the eye watering financials of launching a GPU into space will look absurd

Governments also do not like to cede authority, so I find it hard to believe that they will not claim jurisdiction over any business operating within their borders (all of those ground stations).

I think the idea is easy energy availability and no push back from the locals. Those both seem to be to be fairly simple to solve on the ground compared to the unsolved issues doing it in orbit.

No planning restrictions. Throw up as many as you can afford to build and launch. No grid strain because they're self-powered.

And they're likely out of national jurisdictions, so you can generate all the porn you want.

Technologically? Maaaaaybe a slight ping time reduction in certain configurations compared to terrestrial fiber, because even with multiple hops lasers can still be faster than fiber.

Super-expensive, questionably economic way to do it though.