That doesn't quite explain the modern f/1.4 - f/1.8 primes we see pop up all the time specifically for mirrorless camera systems.
It;s an ego thing or they're not aware of how small DOF is at such large apertures. Also, you carry around a heavier lens that costs more because of all that extra glass.
If you shoot a "standard" 50mm at f/1.4 on a full frame camera of someone's upper body from 5 feet, (roughly 2 1/2' x 3 1/2' field of view) you only have less than 3" DOF. That's less than 1 1/2" in front and in back of the focal point. So if you focus on the eyes, the subject's ears and tip of the nose will be out of focus. IF his head is at an angle, the second eye will also be out of focus. IF your focus is slightly off, even the eyes will be out of focus. f/4.0 will give you about 8" DOF.
In fairness, at ten feet, the field of view of 5' x 7' approx, you have almost a 12" DOF at f/1.4. SO you may want that. But in most cases, f/1.4 just isn;t needed with modern cameras as much as the old low ISO film SLRs with OVFs.
