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.
If someone drains my accounts, I'm definitely screwed.
You ring your bank and it's reversed almost instantly. Your photos on the internet you have no way of doing anything about them, they are there forever.