In old-school X.509 PKI this might be "in case this person is no longer affiliated with the issuer" (for organizational PKI) or "in case this contact information for this person is otherwise no longer accurate".
In web PKI this might be "in case this person no longer controls this domain name" or "in case this person no longer controls this IP address".
The key-compromise issue you mention was more urgent for the web PKI before TLS routinely used ciphersuites providing forward secrecy. In that case, a private key compromise would allow the attacker to passively decrypt all TLS sessions during the lifetime of that private key. With more modern ciphersuites, a private key compromise allows the attacker to actively impersonate an endpoint for future sessions during the lifetime of that private key. This is comparatively much less catastrophic.