I had to make a SBD using the 'Make' command right now to remind myself why I don't normally use it.
I guess the reasons are pretty minor and it depends on you're preferred workflow. When you use the command, by default it sets things up for -90/90, but I often like to use the default angles from the Bone Constraints panel or -70/70. I
usually like the -70/70 setup because it makes it easier to move the bones closer together without overlapping them. So, for that alone, it's just quicker because I don't have to take the time to type in different values.
(That's just me though, and there are definitely times when I feel -90/90 makes more UI sense for certain setups. Or -180/180 or -360/0 for that matter. Hmm...I do wish I could turn these into presets. Or that the tool at least remembered my previously used settings.)
But it's mostly because normally when create a bone for a dial, I select the mover bone first and then create a child bone so it's already parented and positioned where I want it. If fact, I typically lay out all of my SBD bones and have them parented to a handle or mover bone
before I start turning them into Smart Bone Dials. At this stage, if I use the 'Make' command, I end up fiddling with unparenting/reparenting and/or repositioning the bones, which is a hassle.
For me, it's easy enough to select the bone, click on the New Action button and move on. The button will grab the name from the selected bone and add the numeric identifier if necessary anyway, so no big time savings there. Also, I often wind up changing the 'Make' command's settings to something other than its default settings, so the Make Smart Bone Dial command isn't really saving me a lot of time there either.
I think the 'Make' command is generally a good idea and it's perfectly fine for some users (especially if they're not 100% certain about how to create a SBD) but, for me personally, it seems designed for a specific situation and workflow. If the tool allowed for custom presets or if it at least remembered the previously used settings (or even better, do both,) then I might use it more often.