One reason I can think of that you may still find it in niche applications - stability and noise. While most stuff is switch mode these days, that brings with it a lot of noise. Analogue series regulators, whether built with discretes or by use of a monolithic chip, typically have some stability limits - though in practice I think they are generally hard to breach with the ones I've used.
So if you have a low power, efficiency isn't an issue, and want low noise, this may still be the best option.