Back in the day running a broad match campaign was a financial suicide. These days if you are on a tight advertising budget, it could be a go-to low risk low reward strategy.
Phrase match is becoming prohibitively expensive, leaving small advertising players in a pinch. Companies need exposure never the less, and sometimes the volume of visibility will override highly targeted traffic.
As your business grows and needs more qualified leads, you can start moving into the direction of phrase match and more targeted Google ads. Alternatively, you can also do phrase match for long tail keywords, however that is becoming time consuming in an of itself.
Search ads are becoming ever more competitive and evolving. Something I am glad we pay close attention to as a company.