Risk of private keys/certificates from old backup media being leaked (remembering the adobe password leak...) and then suddenly coming back online and working until someone figures out how to revoke them
It also helps with things such as change of ownership so after a certain period of time you can have the peace of mind that certs potentially issued by the previous owners are not lingering around as active (I understand things such as revoking and pinning can help with this too but It's nice to have a plain time based expiry too).
You revoke a certificate when you believe that it might have been compromised. Expiring certificates helps protect you when you've unknowingly been compromised.
So let's say that one of your employees accidentally pushed a private key for one of your certificates up to GitHub and you notice it. That's when you should immediately rotate that certificate and revoking the old one.
Now let's say that the same thing happened but you didn't notice. That's where the certificate expiring comes into play. For a Lets Encrypt certificate there's currently going to be a maximum of 90 days where someone could find that private key and work out a way to exploit it, after that period the certificate would have expired and no longer be being used.
Improvements can be changes to cryptographic algorithms, like "Don't use SHA-1" or to the nuances of the certificate document like "Don't use this X509 feature" or to the CA infrastructure like "Don't issue certificates for names which don't exist".
Shortened certificate lifetimes improve agility by bringing forward that horizon. We can say "Stop doing X by August" tomorrow, and by Christmas 2026 there are no trusted end entity certificates which relied on X. A few years ago that took 3-5 years, at the turn of the century it was more than a decade and we repeatedly paid a price for that.
If I had compromised the Bank of America servers a couple of minutes would suffice to collect a ton of password combinations.