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.
One of the key factors in judging DOF is the acuity of human vision to detect blur circles ('blurry'rather than be fooled into assessing a blur circle as a perceived 'dot' ('sharp' enough). It is a know fact that standard 'manufacturer DOF' assumes human visual acuity which is WORSE than what optometrists around the world aim to achieve in correcting our vision...human eyes can detect one half minute of arc! The assumption behind DOF tables and most programs is not 20/20 vision (6/6 in Europe), so they typical DOF table is a LIE vs. the reality of what the person with 20/20 actually sees in an 8x10" photo assessed from a viewing distance of 10". It is well known that the EVF of most cameras presents fewer pixels than our cameras capture...IOW the resolution of the EVF is not as good as it needs to be...the presentation of the CofC in the viewfinder itself is NOT a precise presentation by the limitations of the resolution of the LCD. Admittedly even the OVF of the typical dSLR lies to us, as the coarseness of the standard dSLR screen only permits good assessment of focus equivalent to f/4 lens at best, not the f/1.4 lens which might be mounted.