Except a physical meeting involves getting up from your desk, going somewhere, waiting around for everybody else to get there, having whatever meeting you're supposed to be having, hopefully without anyone taking it off the rails into some unrelated tangent, winding down the meeting, then going back to your desk. There's a lot of wasted time there, and I get very irritated by other people wasting my time.
Then there's the fact that nobody ever records the audio of in-person meetings, and almost never actually takes minutes or notes of what was decided, so the only record of it is the progressively hazy memories of the participants. So then you have another meeting next week to rehash the shit you just went over.