"What isn’t clear is what benefit the reproducibility provides. The only way to verify that the untrusted binary is bit-for-bit identical to the binary that would be produced by building the source code, is to produce your own trusted binary first and then compare it. At that point you already have a trusted binary you can use, so what value did reproducible builds provide?"
Being able to reproduce a build not only validates the source but the entire process of creating the executed artifact. To properly capture this ability and value the CI/CD pipeline should also be reproducible in an infrastructure-as-code manner. Together with the programs' source and short documentation (as it should be coded) on how to put these parts together it means the operation of the company can be recreated in another geography/datacenter and continue to work while team members rotate out/in.
Contrast the situation with inheriting a codebase that only has possibly matching source code and a production environment that everyone is afraid to touch at the other extreme.