These usually get neither an LED nor a switch, and unlike cameras can't easily be covered, nor pointed away from potentially sensitive topics/subjects.
For example, I'd not be happy having my voice auto-transcribed by some malware as I authenticate to my bank providing my SSN etc (which as an authentication method is of course horribly insecure, but that's a different discussion).
Of course, this will vary from person to person, but as mentioned above, just being able to mechanically cover a camera when required makes it less of an issue for me.