I can think of a few reasons, such as for presentation on an HDR display.
Modern cameras can capture more bit depth than can be printed or displayed on an SDR monitor; with HDR you gain extra impact from illuminated light sources (screens, signage, lights, etc) being restored to their proper tonal values beyond 24-bit. HDR is becoming commonplace in cinema and home entertainment motion video setups, why not also stills photography?
Highlight and shadow recovery is a palliative fix for the limitations of common display technologies. I’m old enough to remember when we had to knock photos down to 8-bit colour for applications on computer screens.
Above all, HDR ≠ tone mapping. Indeed the need for tone mapping is a consequence of historically not having adequate dynamic range in displays.