Are you talking about the differences between RIMS and HERMS, or the difference between a RIMS/HERMS system versus just boiling water, adding it to the mash, and letting it sit? If the former, both are good and I'm sure there are a lot of various preferences that go into one versus the other.
If you're talking about just letting it sit, a bunch of people do it that way as well. One of the benefits of the RIMS/HERMS is that you can ensure that you aren't getting any changes in mash temp. Its also easier once you start getting into larger batches (10-15 gal) since you don't have to worry about getting a big cooler and holding the temp. I suppose some people also like not having to worry about having any plastic and doing everything with stainless.
All that being said, you can still do step mashes in your insulated tun. Just start at a fairly thick mash and add boiling water to bring your temps up to the next step. In fact its probably easier that way than through a HERMS system, which can take a decent amount of time to ramp between temps depending on the setup. You can have the best of both worlds! I think it all comes down to preference really, and if you like the beer you're making, I'd say you're doing alright!