- Do they really need to see* http:// or https:// if immediately to the left is the icon which indicates secure/insecure (which is more than just "protocol is https or not")?

- Do they really care to see* if they are at www.site.com or m.site.com or site.com or do they just want to know they are at site.com which they expect to be as they make their purchase or log in?

* noting that bookmarking, copying, or editing the URL operate on the full URL and this is just a visual change otherwise

And voila now the leftmost (first) text they read is not a bunch of jargon it's the thing people look at the URL for the most.

That you couldn't think of any reason tells me you didn't try not that you disagreed with the reasons and had an actual lesson to share about why. Again: "it changed, change bad" people impossible to distinguish from "it changed, actually bad".