So you just removed the ability to have a "Log me in forever" checkbox.
A expiry date system is literally impossible to revoke without somehow maintaining a list of valid or invalid cookies, and by that point, you are hitting a database for each cookie.
So, one way, you don't have as much control, and you can't revoke a stolen cookie with potentially high level access rights. The other way, you are replicating a db backed session, and heaping complexity on top of it.