I like them because they are quick and easy to use. But as always it is easy to overdo it since you always get seduced by the sound.
I would say that you could get similar results with EQ but on the other hand some of the exiters introduce extra harmonics etc which you wouldn’t get from EQ alone.
I love the Waves plugin you are referring and it has a sound that is probably recognised by a lot of people.
Others I like to use are Clariphonic and B82. And of course in mastering the XL2 using the exiter module.
But as I said, Just add a few db in the highs with Pro-Q 2 and you can get that sheen without any plugin.
Another plugin I used a lot was Waves One Knob Brighter but since the One Knob series starting to burst my speakers (bug that Waves has not resolved) I ended using them
Because at the end sometimes I use plugins just because they are simple and speeds up my workflow.
All the best,