If someone MITMs your password, you can rotate it. A bit harder to do that with your iris.
Of course, true for fingerprint scanning too which has been around for a while, but iris kind of takes that to a new minority report level for many.
Why would you have to do that regularly? The point is to do it once in a trusted environment and then the only thing you need to verify whatever is the hash itself, not to re-encode again and again.