There are a couple things going on. One is that once you go PCP, you get away from the cost of CO2, and the lack of places to fill bulk tanks if you use them. If you use a Scuba tank, fills are pretty cheap, a tank full at a dive shop is usually under $10. With the acquisition of a hand pump, you essentially shoot for the cost of pellets.
Air is not as affected by temperature as CO2 is. Guys that like to shoot outdoors in wintertime have seen some drastic variations in performance with CO2. Because of this, and the availability of High Pressure Air systems for paintball (where they also had problems with CO2, esp. during really rapid fire), it seemed a natural transfer to the air gun world. Most modern high end target guns have gone to air instead of CO2.
The biggie, though, is some guys like to tinker. The Crosman series guns are almost made for this, as they are mostly modular built with lots of parts interchange between similar models, esp in the lines descending from the early bulk CO2 guns, and pneumatics. Parts are cheap, there is lots of aftermarket support, and if you are not happy with what you end up with, you can always change it. Sorta like a 10-22, in that respect.
This incident brings to mind some of the more unwise conversions that I had seen that came apart while being recharged. Essentially blew the guts of the air gun out the back of the tube, where ha it happened in use, the owners face would have been.
Proves that playing with charged high pressure toys is a poor idea.
Cheers
Trev