Electronics do have their place. Just with the size and kind of pumps I mostly deal with, electronics can be more trouble than they are worth. Sure the electronic soft starters are smaller, lighter, cheaper, they don't have as much meat in them. Heavy duty mechanical relays and transformers are going to be larger, cost more, and weigh more but, I believe they are more dependable.
I have probably sold or installed an average of 1,000 pumps a year for the last 30 years. When you are responsible for this many pump systems, simplicity and dependability are the key. Nobody cares if it is electronic or mechanical when water stops coming out of their faucets. They just know who to call and scream at, their pump man.
If the bypass relay of the electronic soft starter is not large enough to handle and across the line start, when the electronics fail, somebody is out of water. When somebody is out of water, they are chewing on my butt.
I studied electronics. The guys I went to school with, think it is funny that I use what I learned about electronics to help build completely mechanical systems. I can add an electronic monitor of several different kinds when needed. I can also bypass these electronic devices and get the pump running and water pressure restored when needed. Many times the electronics in a monitor, drive, or PLC cause me more out of water conditions than the failures they are designed to prevent.
Because the pumps I work with are correctly sized for the application, very little reduction in speed is possible. Most of these pumps will not lift water out of a well and build enough pressure to buck the static head unless they are spinning about 90% of full speed. This means when a soft starter is programed to get the pump to full speed in 30 seconds, for the first 25 seconds the pump is not spinning fast enough to start moving any water. Head falls off by the square of the speed, which is so quick that a soft stop doesn't do much good either.
If the drive or soft starter can start or stop the pump at 90% of speed and gradually go up from there, it might help with the water hammer. However, when a pump comes on it is usually because a demand already exist. The longer it takes to get the pump to match the demand, the more amplified the transients are.
That is just my two cents but, I have a very narrow market. ½ HP to 300 HP pumps that supply cool, clean water on demand. I know there are lots of other applications where electronics are worth there weight in gold but, I believe most of my applications are better off without it.