It keeps secrets out of your environment variables and lets you manage secrets the same way you do code (in lock-step with the code that uses it and as easy to update a secret just by pushing to git), but it's definitely for smaller teams or projects. It also has significantly fewer moving parts or dependencies.
There are still some rough edges but it's been a decent secret store for my small team doing mostly Docker Compose/bare metal stuff.
I'm curious to hear if any other people have managed to use open OR closed-source source password managers as Vault/Consul replacements.