Reasons to have a website
I created this website because I thought (and continue to think) that having a website can benefit one's career. Essentially, a professional website serves as an accessible source of information about oneself for prospective employers, coworkers, and employees. Unless you put something horrible on your website, the effect should at worst be neutral, so there is essentially no downside to having one.
In the remainder of the post I will lay out a more detailed case for having a website and address some potential hesitations people might have about creating one.
Reason #1: a better CV
A basic function of a website is to hold your CV/Resume [1]. If you have a standard CV in PDF format, you can just upload it: because of this, at worst your website CV will be just as good as a regular static document. However, because a website is not a static document, you can easily provide:
Extra detail upon request: in a static CV one typically tries to provide as much detail as possible about each job/degree while trying to keep the length of the CV to at most 2 pages. In contrast, on a website hyperlinks and expandable text boxes allow a page to have a concise appearance but contain a lot of extra text if the reader clicks. This allows a website CV to avoid the length/detail trade-off of a regular CV.
Multiple custom CVs: different people may want different bits of information from your CV. This is in contrast to a typical job application where you can only provide a single document for everybody at the company (from HR to IT), who may have different preferences. On a website, people can choose what they see.
Portfolio: whether it is code, art, music, or research papers, a website is an excellent place to display a portfolio of your work. CVs tend to be all text, which is not not a great format for effectively communicating the breadth of one's past work.
Career Goals and Motivations: one typically does not write about these on a standard CV (presumably due to length). It is easy to put this on a website (many people seem to have this on their home page). This probably provides a lot of useful information to potential employers.
Showcase Personality/Interests: whether via travel photos or hobby pages, there is a lot of leeway to show what you are like as a person in a way that a CV typically never does.
Of course, a website may never function as a full CV replacement (especially since most applications require you to upload a PDF). However, a PDF CV can always link to a website. If you expect people to come across your website primarily via job applications, your website can serve as a powerful complement to a standard PDF CV.
Reason #2: control your online brand
At some point in your life, people will most Google you. This could be because you submitted a job application and HR is doing a cursory background check, or because somebody liked a paper/program/song that you wrote. In any case, if you have a website with your name in the title or metadata, your website should hopefully appear in the top few search results, leading visitors to a page whose message and contents you can control. This gives you the power to set your own brand. For example, most professional websites I see have a basic bio on their home page which describes their job and interests in a positive way.
In contrast, if you don't have a website then searching your name will likely reveal some mixture of social media accounts and mentions of your name on random webpages. This is not necessarily a bad thing, but certainly does not present a clear message. For example, when Googling my own name I found references to a scholarship I had won, some academic papers on arXiv, and my profile page from my PhD group at Cambridge. You can probably infer a lot from this, but it does not tell you much about what I am doing now.
However, mixed into these results might be references to other people with the same name (if such people exist). To me, this is almost always bad. At best this will just be confusing. At worst you could lose opportunities: for example, if somebody with the same name has a criminal history then people might infer that you have a criminal history (which many companies discriminate against). As a concrete example, when Googling my name I also found results for an American guitarist, a manager on LinkedIn, and a random high school student who won an award. Without my website it would hopefully be clear that none of these people are me, but the website definitely removes ambiguity.
Reason #3: hosting a blog
A blog is a way to showcase your knowledge about (and interest in) niche topics, and demonstrates your communication skills. Unless a blog is exceptionally poorly written or is filled with hate speech, having a blog should not lower anybody's opinion of you [2]. However, a well-written article on the right topic can be a strong positive signal of deep expertise on a topic and the motivation to share that topic with others.
Reason #4: demonstration of ability
Having a website demonstrates, at a minimum, the ability to create a website and manage its hosting. The more complex the hosting, the more compelling the demonstration is.
For example, my website which (at present) uses Nikola and GitHub pages shows that I must be able to use the command line, git, and have knowledge of python. Because of my educational background, I doubt many people would be surprised that I have these skills, but if you are more junior or have a degree in a non-computational field then this demonstration might be compelling for prospective employers/employees. This reason is probably most important if you want to work in web-design, since your website can easily double as your personal portfolio.
Responses to reasons not to have a website
1: isn't my LinkedIn profile my online CV?
Yes, but LinkedIn has a lot of issues. You don't have a lot of control about how the information is presented (as far as I can tell, your profile always starts with an "about" section, then lists employment history, then education, then skills). In the middle is a bunch of links to posts you've engaged with or liked, which to me just feels like eyeball spam. Your website can be much more custom.
Another factor is that LinkedIn profiles often require signing in to view, which people like me usually just click away from.
Finally, I (like many other people) find LinkedIn incredibly incredibly cringe and don't want to tie my professional identity to it!
2: I don't have enough achievements to merit a website
There is no "minimum bar" to have a website. People even make websites for their pets!
If you still feel that you don't have "enough" content, consider:
When you apply for a job you will most likely have submitted a CV already. That CV will be just as "empty" as your website, so you don't lose anything by having a website.
Realistically, not that many people are going to visit your website unless you specifically direct them to it, so you are not really going to attract a lot of attention (see below).
You don't need to include a CV on your website. There is nothing wrong with a simple 1-page website that says "My name is X, I work/study at Y." This website still helps you control your online branding.
3: nobody will visit my website / read my blog
Unless you are very famous or produce a large stream of high-quality content, I agree that, most likely, very few people will visit your website. But, very few is not the same as none. At the very least, people will probably visit your website if you link to it on a job application. In my opinion this is enough of a reason by itself to make a website. In addition to that, other people may visit your website if they like work that you've done. This has happened to me before (although not many times). Your website might might appear in unexpected search results (for example if you write a blog post with a unique title or phrase). Ultimately you won't know who will visit your website unless you have one!
4: I value my privacy
This is a fair objection, and I would definitely not put private information like addresses, phone numbers, or family details on my website. However, if you already use social media (including LinkedIn) then a personal website is probably is not compromising any more of your privacy.
5: Making a website takes too much time
Using GitHub pages I made my first website in around 1 day. Since that time I think many more tutorials have been made, and GitHub page's documentation has also significantly improved. I would think of a website as a 1 day task. If you are willing to spend 1 day polishing your CV, I think it would also be worth spending 1 day polishing your website.
Conclusion
Hopefully you are persuaded that it is worthwhile to make a professional website. If this page inspires you, please do let me know!
Footnotes