What exactly is this protecting against? (Genuine question not rhetoric).
Without encryption, I guess someone with physical access to an Amazon data center could pull a drive somewhere and grab the data.
With encryption, that same person would also have to get hold of the key as well, but nothing seems to be said about the key storage being in some separate super secure location, so could that same malicious employee with physical access not also go on a key hunt and end up getting access anyway? So it's just another "layer" of protection not totally impossible.
.... or am I missing something crazy obvious where an unencrypted RDS disk is accessible by some other means? Maybe via to nature of disks being reused without proper cleaning or similar?