3 reasons. a) The other Let's Plays may be rubbish, b) Some people still may not be aware of the game or only just getting around to trying it or c) Many older games were released without much in the form of representative media, so Let's Plays are the only way to see how the game works with any accuracy.
For example, a few months back I discovered Arcanum at the bottom of one of my drawers. It had no trailer, its website was outdated and had fallen into disrepair and I wasn't just going to wander into the Arcanum Forums and ask 'So is this game any good?' because people there would only say 'Yes'. I looked up a Let's Play on YouTube. The game was already ten years old when the bloke made the video, but I'm still very glad he did, because it required a lot of patching and modding and I wouldn't have liked to go through all that to find the game was rubbish.
Of course, why someone would make a Let's Play for a bad ten-year-old game is a different question...
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