I do not argue personal choices, which are a subjective thing. . . what someone likes is not arguable. Some folks like liver and onions, others hate both.
I will just point out some things that are objective considerations:
Some ponchos are bulky, but not all of them, and certainly not the one's I recommend. The Frogg Toggs, when actually measured, weigh around the 6 ounce mark. They can be had for $10 to $15, so that is a HUGE bargain for a highly functional piece of rain protective gear.
If I use my Zpacks poncho, it weighs just a bit more than 3.5 ounces and is tough as nails. I do like the Frogg Toggs a lot, though.
A poncho is also far more easily deployed. Since I can pull it out of the side pocket of my backpack and slip it on over my backpack, I do not even have to stop. I usually do pause for the ten seconds it takes to put on, though, because I am a bit clumsy
I need to take my backpack off, put on a rain jacket, put the backpack back on.
This is a huge factor for me when it rains, as is often the case, off and on during the walk. Periodic sprinkles and showers can eat up a lot of time and energy with a rain jacket IF you take it off and put it on based on the immediate conditions.
With a poncho, I can respond to conditions within seconds. I can whip off the poncho as soon as the rain has slowed or stopped, and not question "should I wait to see if it starts back up?" Keeps condensation way down.
A poncho can work equally as well, and even more flexibly, as an outer layer. The same quickness to deploy and remove a poncho works well in trying to avoid unexpected wind chill. And if the morning is cool as I start to walk, but I know I will be warm after a short walk, simply putting the poncho on for a few minutes and then whipping it off works well to avoid overheating.
On the aesthetics side, rain jackets do have the edge. . . depending on if form is a factor with regard to function.
And ponchos are far more multitasking than a rain jacket.
- A shelter lean-to. A bit of cord and trekking poles make it even more independent in setting up.
- A sun shelter, it can be rigged up to provide you shade in hot climates.
- Ground cloth: Under a tent, or a survival shelter, a poncho can protect you from the damp ground. If you are in a cold damp climate, this can help you stay warm.
- Wind Break: While a poncho without the liner does not have much insulating qualities, you will be warmer if you wrap up in the poncho in windy weather, this will help protect you from wind chill.
- Privacy -- great emergency privacy screen when needing to do some 'elimination' business and natural coverage of bushes or tall grass is scarce. It also works when needing to change pants or shorts.
- Sit pad. When taking a break and sitting surfaces are damp.
- Mattress cover.
- Can make an emergency backpack or carryall.
- Windshell to add a bit of extra warmth to layers. Great for cool, early mornings when you need something that can be quickly removed after you have warmed up from walking.
- etc