I've never had a bag lost and only once had it delayed. For me "carry-on-only" is a way to force myself to pack light. Not the other way around. Not having to stand around like a chump waiting for the luggage to come out is a side benefit. The main benefit is being able to put my world on my back and walk off without any constraints free to go where I want when I want.

Having large suitcases is a hassle not just at the baggage carousel but also when trying to take public transit or schedule things before or after hotel check-in or check-out. And unless you're carrying sporting equipment or other special cases they're really just unnecessary. You're dealing with the hassle for your entire trip just in case there's that one moment when boots would be better than shoes or wearing the same sweater for two days would look gauche. You realize after a few trips that you're worrying for nothing and you can live on a lot less than you realized.

Fwiw I usually can't get down to a single bag. I usually have a backpack and a rollaboard. I could fit everything in a bag that goes on my shoulder but it's just uncomfortably heavy and then I often wish I had a small backpack anyways for side trips. I also often check the rollaboard on the return trip either because I'm bringing back bottles of alcohol or other heavy gifts or because I have a long layover and plan to lounge hop or even leave the airport.