Earlier quoted context omitted.
In my experience, it was more about beating metrics in PageSpeed Insights and Pingdom, rather than actually thinking about the cost/risk ratio for end users. Often the people that were pushing for CDN usage were SEO/marketing people believing their website would rank higher for taking steps like these (rather than working with devs and having an open conversation about trade-offs, but maybe that's just my perspective…
I don’t think it ever even improved page load speeds, because it introduces another dns request, another tls handshake, and several network round trips just to what? Save a few kb on your js bundle size? That’s not a good deal! Just bundle small polyfills directly. At these sizes, network latency dominates download time for almost all users.
I think the original use case, was when every site on the internet was using jquery, and on a js based site this blocked display (this was also pre fancy things like HTTP/2 and TLS 0-RTT). Before cache partitioning you could reuse jquery js requested from a totally different site currently in cache as long as the js file had same url, which almost all clients already had since jquery was so popular.
So it made sense at one point but that was long ago and the world is different now.