So why do people like wavedashing so much?

I understand that it's a cool movement mechanic, but (as far as I know) its main purpose is to allow you to quickly move in then move back out to bait the opponent into attacking (I'm pretty lacking on wavedashing knowledge). That role can also be filled with dash-dancing. Is it because there's something I don't know about it, or is it because Melee = cool and wavedash -> Melee, so wavedash = cool as well?