I am starting to be convinced after making this many beers without boiling that it is legit, but like so many things in homebrewing, we are influenced by tradition, our own habits, and fear of something ruining the beer.
I remember asking a LHBS crew if they ever actually did a 20m boil with Pilsner malt, and they said "if you do that then your beer will taste like creamed corn" and I said "I've heard that, but have you ever, or known of anyone ever actually TRYING it" and the guy said "why do that when you know it will ruin your beer?" That has been my experience with dozens of things, no boil being maybe the biggest. (also why I love the Brulosophy exBeeriments so much).
The biggest boogeyman here is worrying that the bugs inherently on the grain will survive and infect the beer. If you read up on pasteurization, you learn that fear isn't realistic at all, and lacto and these other bugs don't magically die at 212. Only rarely would it even live through a few mins at mashing temps in the 150s. This is why when you do a kettle sour, you don't throw the bugs in until you're below 120.
In terms of no boil, there are a lot of extract kits that you don't need to boil, so there is already a precedent for it, but not with all grain. So far, for the type of beers I make, the boil would add nothing that I can explicitly identify. I haven't done shelf stability tests so that's a great question, and I personally haven't brewed a range of styles or those with normal ABV, so maybe there are issues with those that are not coming into play here? That's also a really going point about the volume, you don't need that extra space for the boil over, because the mash out / pasteurization step is well under boiling so the volume doesn't change much at all from the mash as it warms.
Some things that I think no boil adds (besides more time in my day) is more body and possibly better head retention, I'm guessing from proteins not breaking down the same way they might in a boil, but a science person may correct me on that. If more people did this, then I do honestly think it could catch on.