It’s cheap, highly available, easy to install, cures quickly, produces very little running noise, and can be removed easily for the next replacement.
Unfortunately, it wears and settles as an absurdly slow-moving liquid when subjected to extreme pressure, like say under the tires of a truck or bus, and it retains heat due to its chemical properties and low albedo (absorbs more light than it reflects, hence it retains the heat energy).
It’s a tradeoff that needs careful consideration, but the pros often outweigh the cons.
In addition to the other answers, tire marks. And every other type of stain. If you had white roads or yellow or any other color it would be hard to paint them to contrast, and they’d get marked up and scuffed from tires and you’d see all the oil that’s dripping out of everyone’s car all the time and whatever other fluid they’re leaking or dumping out the window
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