The isolation valve does not have to be broken it just has to be stuck and that is much more frequent than a lightning strikes. Team diving is fine with a team that trains together which is usually not the case in a lot of recreational diving when you may not know your buddy or have never seen them in a emergency. To rely on your buddy for your emergency gas in a situation like that is asking for trouble.We have to look holistically at the entire system including the integrated team, not just at individual pieces of gear. Your dive buddy provides your full redundancy. An isolation manifold maximizes your options for preserving breathing gas under the most common failures.
While in theory a manifold does represent a single point of failure, in practice you're more likely to be struck by lightning than to lose all your back gas from a broken manifold. What seems to make sense in an online discussion doesn't necessarily work well in real diving.