One reason is to keep the fuel cooler. The gas gets circulated back to the tank and has less time to pick up heat than if it just moved slowly through one line to the carb.
Also some of the big electric pumps rely on fuel flowing through them constantly to cool and lubricate the electric motors.
Along with the fact that a bypass system recovers much more quickly from a pressure drop, because all of the fuel in the system is all still moving.
In a dead headed system, when the regulator reaches its pre-set pressure, it closes, the fuel column stops moving and then the pump starts bypassing fuel internally. In most vehicles, the fuel supply is located at the rear of the vehicle, so under acceleration, not only is the fuel trying to over come the regulator pressure setting, but it is also trying to overcome its own mass. People always want to run larger supply lines from the pump to the front of a car, but the larger the line, the more fuel in the column and the more fuel in the column, the more mass it has. It's Newton's Second Law -
"Change of motion is proportional to the force applied, and takes place along the straight line the force acts."
With a dead headed regulator, you pull to a stop, the motor drops to idle, the fuel pump catches everything up to fuel demand, the regulator closes and the pump starts bypassing. If you stand on it, there is a pressure drop, the regulator opens, the fuel column starts trying to overcome its own mass, whilst the pump stops bypassing and starts moving fuel forward again. The fuel that was bypassing within the pump has picked up heat in that process, so it has also lost density, which will play a small effect in your carefully designed fuel metering, up at the business end of things.
None of those things occur in a bypass system, since the fuel column is always on the move. Yes, mass of the fuel column comes into play, but now we are leaning back onto Newton's First Law -
An object at rest stays at rest and an object in motion stays in motion with the same speed and in the same direction unless acted upon by an unbalanced force.
So the mass of the fuel must overcome the unbalanced force of acceleration, but since motion is already established, the mass of the column is working with you, rather than against you.
And I suppose whilst being here and in the thick of it, now is a good time to clear up another common myth and misunderstanding. Joe Schmoe has a single Holley 4 bbl on his engine and he decides to swap that out for a dual-quad combination. More carbs will mean more fuel supply is required, aye? Johnny Tiresmoker is sitting there, nodding his head, because there is no way that same fuel system can keep up with double the carbs.
But Johnny doesn't know beans. Actually, Joe has just reduced the load on his fuel system, because his engine now has four float bowls (think: reservoirs), instead of just two. The mere act of bolting on another carb didn't change the motor's fuel requirements by a single ounce. One carburetor or twelve, the motor has a finite fuel requirement, so there goes another fallacy on the fly.