I will try to express what CH said in a different way.
From purely geometrical point of view runout is a very powerful composite control - it simultaneously controls location and orientation of the feature to the datum axis (if we are talking about a cylinder) and its form (circularity or cylindricity depending on the type of runout control). This is pretty a lot in one.
From inspection point of view it offers even more - being able to verify so many characteristics in single set-up is really beneficial. Form controls, as separate callouts, can be really painful to check, position at RFS may be challenging too. Runout has them all in one with relatively simple set-up and inspection equipment, so why not to take the advantage of it?
The fact that something has to rotate during runout check (either part or dial indicator) does not mean there has to be a rotational movement in reality. Imagine a static cylindrical sealing surface. In most cases it is a functional reuquirement to have it as round and straight as possible (apart from being smoooth), but can you imagine circularity inspection without rotating one of the elements of the setup?
Of course runout is not a cure for everything. It has some disadvantages - it cannot be modified by MMC, LMC, MMB and LMB, but still as a composite tolerance it is relatively user-, time- and money-friendly tool.