The main reason EPS was first invented was because computers at the time were not powerful enough to render high resolution images quickly, and EPS could include a low resolution preview image in the graphics file. For example the internal computer in the original Apple LaserWriter printer was considerably more powerful than any Apple Macintosh computers at that time (which is why the original LaserWriters were so expensive). That was a big deal back in 1985, but not in the 21st century.
One reason why EPS has been abandoned as a file format is that it is a security risk. PostScript is a fairly complete programming language, so you could write code that did almost anything including overwriting or deleting ANY files on your computer, when the user displayed the high resolution image. (And you don’t need any arcane hacking tools to do that - just a text editor.)