The American PEASANTS who call those things "pancakes" have never known the deliciousness of Dutch pancakes, which are close to crêpes but not quite the same. If one espouses that American pancakes are good, then logically one must also accept the tastiness of the Dutch variety. And here's the kicker: because of the thin form factor, adding condiments becomes easier. You can still spread butter or syrup as easily as ever, but should you want more bulky additions like pieces of fruit or meat without it going everywhere, you can roll or wrap or envelop the topping with the thinner pancake, which cannot be done with the thick version.
You can also achieve greater ratios of condiment to pancake with thinner form, yet another boost as having additional options is always good.
Waffles are indeed just thick pancakes with squares cut out, and don't hold a candle to the thin pancakes' elegance, taste, and practicality.