The main point of replenishment has always been economy. You can replenish your developer at a fraction of the cost of diluting for one-shot processing. Also, you get better consistency than reusing a stock solution and adding time for the number of previous rolls. Look at the quantity of replenisher you add per roll processed -- and compare it to the amount of stock solution you'd dilute (for D-76, for instance, working at 1+1, you'd toss 188 ml for a steel tank and one roll of 35mm, where you use much less than half that amount of replenisher for the same amount of film).
The down side is, it's an extra step and an extra chemical to keep on hand (Xtol is the only one I can think of offhand that is its own replenisher, but even with that, you have your working stock solution, and a separate bottle of fresh stock for replenishment).