I'm convinced that thick blades (thicker than 1/8") are all about aesthetics, not practical concerns. I view it as kind of a signal that the knife was an extravagant use of steel, correspondingly more effort and resources were used to manufacture it, and this extravagance also reflects on the consumer who chose it.
Back in the day, knife blades were largely thin, for a few pretty good reasons. One, thin blades usually cut better. Thin also means less steel, meaning less cost. Thin is also easier to grind in the factory.
As consumers gained more disposable income, knives became more accessories to be adorned with symbols of the increasing affluence. One of these symbols was to use an overly thick piece of steel for the blade. Let's face it... thicker just looks more badass. Additionally, a thicker slab demands more grinding to become a knife, meaning more work hours, and increased wear and tear on tools. The thicker blade resulted in aesthetics suggesting superior durability and bulk. Which is a way to distinguish itself from less expensive knives, especially appealing to knife nuts, even if the extra durability and bulk was rarely needed, and actually might hinder cutting performance.
I like the aesthetics of thick blades. But I carry and use thin blades, because they work better, and are easier to maintain. I wish all my pocket knives had blades like an Opinel. Even a nigh indestructable knife like a Tramontina machete is less than 1/8". IIRC, they're closer to .080".