It also (a) increases the bus factor, [1] and (b) allows people to take vacations and time off without having to watch their phones like hawk.
It's all fun and lulz until it happens to you.
You'd be surprised, but that's not necessarily the case.
One of my friends was such a person in a shoe making company as a designer. Instead of giving her a raise, they fired her.
Cue them re-hiring her a month or two later after they found out the hard way that the less experience subordinate really couldn't handle the job of the two of them on their own.
(I do also like the lottery version and use them basically interchangeably, though the shorthand is always "bus factor" for me)
It's not about having enough people to do the work even if someone quits, it's about having enough people that know how to do something that we aren't losing chunks of knowledge if someone quits (or dies, or gets fired, or gets sick, or etc).
It doesn't make sense to me to treat people as part of a conduit bus that are interchangeable as long as there are enough people.