IMO/IME, topping off with extract batches is mostly due to not being able to do a full batch boil. Most people making extract batches can't boil the full volume, or don't have a good/fast way to cool down 5+ gallons of hot wort.
Once people decide to get more into home brewing, they get hardware so that they CAN boil the entire batch and not need to top off. They also get a wort chiller so that they can quickly cool it down. Sure, there are some that continue to boil less than the full batch size, and use other ways to cool the wort down (although a sink of cold water, and then adding ice to the bath is still a faster cooling method than most people start off with)... But, if you asked, the majority of those people would prefer to be able to boil the full batch size, and cool with an actual wort chiller.
Personally, since going all grain, there's no point in not boiling the full batch size. I would prefer to use the correct water to grain ratio for my mash, and then sparge with the balance. Since I have a propane burner now, heating the mash and sparge water happens very fast. I can also get the combined worts up to a boil very fast. Far faster than I could on the stove before going to all grain.
I also like how I no longer need to worry about shaking the hell out of the wort after topping it off, in order to get a good mixing. So much better on my back to just open the ball valve on the kettle and let it drain into the primary. I have an O2 system on the way (from Williams Brewing) that will take care of oxygenating the wort before pitching the yeast. One less item I need to be concerned over.
I'd also rather not cut corners where it doesn't make sense. To me, boiling less wort, and having to top-off with another gallon (or more) makes things more complicated and increases the chances of something going sideways... Far better, IMO, to simply do full batch boils if you can and not worry about it... After all, we're trying to make GREAT beer here... If you want to save time on brew day, then improve your process efficiency via better ways to heat the water.
It would be like trying to move a full trailer-load of inventory with a regular sized truck... Lots more effort than is necessary, when you could have done it better with the correct hardware.