My preference for bailout would be EAN21. You can still use it as an emergency breathing gas down to around 218 fsw. Where as with most other Nitrox mixes the MOD would be much shallower than that. So why use Nitrox for a bailout gas?
If I'm going to be anywhere near 200' on CCR, I'm going to have a trimix dil and trimix bailout. I personally wouldnt risk the narcotic hit of switching to an air bailout at that depth, and I don't want the narcotic impairment of an air dil on CCR that deep.
Individual choices for dil and bailout will be driven by their training, experience and the particular dive they are doing.
In regards to "why Nitrox as a bailout?" I'll throw a few thoughts out there.
Doing a cave dive with an average depth around 90'. If I have to bailout and travel any significant distance to exit, I'll incur less deco obligation on a nitrox bailout.
If I have to bailout and I'm using nitrox, my PO2 will remain closer to what I was already breathing on the loop.
If I'm diving with an OC buddy, they will most likely be on nitrox. Using their same gas for my OC bailout simplifies things in the event I have to donate gas to them.