Because as
@JahJahwarrior says, the weak link is the human remembering to actually look at it often enough. If your day to day check ppO2 on handset frequency is every 3 to 5 mins.. Are you going to continue that on bad day? Is even that going to be enough if your ADV is leaking hypoxic dil near the surface, or your orifice is clogged, your O2 runs out or rolls off, or your solenoid battery dies, or you are distracted by a line entanglement, or a buddy is having problems and you're helping. Having an "alarm" that doesnt require you to consciously look away from what you are fixated on is the idea.