It would seem like you hit the nail on the head:
The main benefit would be that distillers can put out whisky that's younger and still charge a higher price.
In the Scotch market age isn't just a sign of quality, it's also a sign of status. Rich people will spend a lot of money on bottles that are as old as 25 to 50 years, even if there is a very minimal difference in the actual flavour of the tipple. This means that an age statement can lend itself to a lot of profitability, or lack thereof.
By excluding age statements that allows distillers to put out product faster, and not have to correlate their pricing model with age necessarily.
The cons to a distiller would be very minimal as the average consumer doesn't think too much about this type of thing, knowledge about whisky is typically very low. The only real con is to a consumer that may be getting fleeced by marketing tactics.