This made sense in the days before modern telecommunications, when investors may not have otherwise heard of this info. Is there reason to think this dynamic still has value?

The bankers take on the risk of selling the shares. In the traditional IPO process, the company negotiates the share price with institutions (big banks, hedge funds) in advance of the offering date. On the offering date, the company has a guarantee that it will be able to sell all its shares at the agreed upon price, and therefore be guaranteed to raise a specific amount of money. Those institutional investors will flip those shares to the public, hopefully at a price higher than the negotiated price for a profit. The risk is that this profit isn't a guarantee. Just because everyone's heard of your company doesn't mean they also believe in the company as much as the stakeholders do.

With the market being this hot (IMO it's a bubble, but only time will tell), enough public investors are clamoring over IPOs that companies could likely get away with a direct listing like this. Given an extended market downturn though (say, if 2008 happens again), companies will likely find those same public investors to be a lot less eager to snatch up new share offerings.