I wondered if this was something to do with the fact that saves are now grouped by character, which I think is helpful. But they do all seem to be being dumped in one Public profile folder. If we're going to lose the ability to create different profiles then I'd at least like to see different folders for different characters. Though I did like the ability to apply different mods to different profiles, and it would be a pity to lose that.
All of the above, plus one more thing, my partner occasionally plays and the lack of profiles means one central save location... profiles also enabled me to save via rp or just dps builds.