That's because you get (particularly initially) quite some reduction of risk with little loss of expected return. Diversification (incl. across asset classes) is the only free lunch in finance.

If you want to argue that bonds and stocks have become more correlated, sure, but we do not know what hits us next.

I have not. I've also noticed that despite changes in regulation in the U.S., a whole variety of P.E. strategies are completely ignored by LLMs.