I agree with @zensky. It can be expensive, difficult to clean, and the way checked bags are thrown around, it might help avoid tears to the luggage. The bag I used most is now tearing a little at the top front zipper pocket, and the las time I went into NYC there seems to be some grease of some sort on the outside of the bag. My suitcase is over 10 years old, I almost always carried it on previously. Now that I have to check it most of the time, the abuse and wear to my bag is exponential. my husband once had his bag break open, probably frm them trowing it around. If it had been wrapped at least maybe he would have had less of his things inside the bag affected.
Miami is huge for wrapping suitcases, if you have ever flown out of that airport, especially the international side, you see a lot of people wrapping their suitcases. It wouldn’t surprise me if thereis a disporportionate amount of really nice luggage going through there.