While black & white is core to my photography (as mentioned earlier), I'm finding it difficult to really expand on this topic, because so much of it is simply preference.
I can't appreciate broccoli; I can't appreciate the color green; I can't appreciate T. Swift; and so on.
How to really respond beyond, "OK, different drummers, and all."
So I'll just note why I appreciate black and white. Tonality, illumination, contrast, shadow, light, and form.
Even with color paintings, I'm typically more drawn to watercolor and woodblock (ukiyo-e) prints because of the subtle tonal gradations produced...and this attraction occurred well before I was into photography.
In photography, Meyerowitz's Cape Cod series exemplifies the use of muted colors to retain the graceful tonal transitions that I admire.
Actually, when I started this hobby seriously, I figured about an 80-20 split between color and monochrome, respectively.
Yet, within three months, I decided no more color; and I haven't changed since.
For one thing, I enjoy working with B&W more than with color, but more over, it just fits my direction.
I don't go out looking for what would be better in color, what would be better in B&W. I just go out looking for visual situations that compel me to press the shutter.
No regrets for my "limitations."
To be sure, many times, it is not a matter of B&W or color, as for decades, there really wasn't much choice, and even US newspapers kept it monochrome until, I believe, USA Today shook some stuff up.
And again, I can appreciate color, and for those serious about it, I would definitely explore the works of Ernst Haas, Alex Webb, Saul Leiter, Martin Parr, Eggleston, and Meyerowitz. Not every one of their photos is a revelation, of course, but you can discern useful patterns and application.
Anyway, the majority of my favorite photographers mostly shoot black & white, and if I was denied the option for my own shooting, I would bail out of photography altogether.