Well first of all, after you've done this technique a few times and get it memorized, it's very fast and easy to do, even over and over.
This technique also introduces added extras such as filters and channels - things that a lot of new designers aren't going to have a clue what they do, or if they even exist. And while I realize that this tutorial doesn't really explain what gaussian blur or channels can also be used for, it's an introduction to them none-the-less.
And more importantly, you can use this exact method to create curves not entirely devoted to just a rectangle or square, for instance:
Try doing that smoothly and quickly with your pen tool
I'm aware of other methods to creating just a simple rounded edge on a rectangle, and that's great if it's all you need. But if you're like me, you like learning new and interesting techniques. I think this opens a lot beyond a simple box.