Chips only have a certain number of pins. It probably works out better economically if those pins can be used for either input or output. Chip manufacturers can thus make one product that will fit the needs of more customers instead of (say) 9 different chip variants with 8 inputs and 0 outputs, 7 inputs and 1 output, 6 inputs and 2 outputs, etc.

It could also be useful to the end user. Motherboards have a limited number of ports since the connectors cost money and take up space on the back panel. One user might want a line input (for digitizing old cassettes, for example)[1] and another user might want an extra surround sound output (for 7.1 surround sound instead of just 5.1 surround). With retasking, the motherboard can support both these niche use cases with a single shared port.

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[1] You can't use a microphone input for this because (a) it's mono and (b) it's a different voltage level.