I don't know why someone would eat pancakes when they could have waffles.
Pancakes are simplicity, that's why. The batter is essentially the same, and it's not always worth getting out a waffle iron for a hot breakfast. Pancakes are the clear choice on a camping trip. Charity fundraisers will go with pancakes because you can make more to feed more in the same amount of time. If made well pancakes tend to hold more moisture inside since they have less surface ares for the volume of batter. Don't get me wrong, I greatly enjoy waffles, but I would never dis pancakes as some inferior cousin to waffles.