This video will help answer a few questions, but no doubt raise some others:
https://www.xiph.org/video/vid2.shtml
NB - the ultimate context of the above video is to address hi-res recordings as presented to the HiFi/audiophile market.
Some of the assumptions, points and concerns will apply more or less strongly to us, compared to the above crowd.
When it comes to talking about compressors specifically, here's how I see it:
At a fundamental level, a compressor's job is to make loud things quieter, and maybe add some make-up gain if that'll help your gain structure.
If you'd like a box that does things outside of that, then that's fine, but it's now obviously an FX box which happens to act like a compressor.
IMO, then, the question should be: why do sound engineers like to have so many FX boxes?
I'd expect the answer to that to be pretty obvious.
Chris