Binary format is much more compact. Speeds up loading times. Take a look at .obj files. A text based format, each vertex is denoted as a triple of floating point values on a single line. Count the character positions, that's the amount of bytes that has to be read by the application (I'm not counting the line feed character(s) at the end of each line). In a binary format, the same triple of floats would occupy 18 bytes (6 bytes per float). No more. The application does not have to parse a text line, it directly extracts the floats, which is a lot faster. The text based formats have been designed as exchange formats, easily readable by humans but not optimized for applications.

The pen is mightier than the sword. But if you literally want to have some impact, use a typewriter

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